Verizon Registers Strong Revenue Growth in Q3 2018

Verizon Communications (VZ), the leading US wireless service provider, delivered better-than-expected revenues in the third quarter. Verizon reported third-quarter consolidated revenues of $32.6 billion—well above the Wall Street consensus estimate of $32.5 billion. 

The company’s top line rose ~2.8% YoY (year-over-year). In the third quarter of 2017, Verizon’s total revenues stood at $31.7 billion. Excluding the impact of the new revenue recognition accounting standard, the company’s consolidated revenues rose ~2.6% YoY on a comparable basis.

Verizon’s wireless revenues rose ~6.5% YoY to reach $23.0 billion in the third quarter. However, revenues for its wireline division fell ~3.8% YoY to reach $7.4 billion.

In the third quarter, Verizon added 295,000 postpaid phone net customers versus 274,000 postpaid phone net subscriber additions in the third quarter of 2017. Although Verizon added 54,000 Fios Internet customers in the third quarter, the company saw a net loss of 63,000 Fios video customers.

AT&T’s (T) total revenues rose ~15.3% YoY to reach $45.7 billion in the third quarter. Sprint (S) and T-Mobile (TMUS) haven’t reported their financial results for the quarter ended September 30.

Wall Street expects T-Mobile’s total revenues to rise ~6.8% YoY to reach $10.7 billion. Sprint’s total revenues are expected to rise ~0.9% YoY to reach $8.0 billion.