Verizon (VZ) Stock Rises 4% as Subscriber Growth Beats Expectations

TLDR

• Verizon added 184,000 postpaid phone net additions in Q2, beating the 106,000 analyst estimate
• Revenue fell 0.7% to $34.3 billion, missing the $35.2 billion consensus
• Adjusted EPS came in at $1.30, ahead of the $1.28 estimate
• Profit dropped to $3.95 billion due to $1.8 billion in pretax special items, including costs tied to a new BT Group joint venture
• Full-year adjusted EPS guidance raised to $4.99–$5.04; mobility and broadband service revenue growth outlook lifted to 2.5%–3%

Verizon (VZ) stock rose 4% in premarket trading Friday after the company reported Q2 results that showed subscriber momentum picking up under CEO Dan Schulman.

Verizon Communications Inc., VZ

Verizon posted 184,000 postpaid phone net additions for the quarter. That beat the FactSet consensus of 106,000 by a wide margin. A year ago, Verizon was posting a net loss on that same metric.

Revenue came in at $34.3 billion, down 0.7% year over year and below the $35.2 billion analyst estimate. The company blamed a nearly 20% drop in equipment revenue, as customers held onto devices longer and Verizon pulled back on device subsidies.

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