Verizon (NYSE:
VZ) shares rose more than 1% in pre-market trading on Tuesday as the telecom giant added 633,000 subscribers in the first-quarter.
For the period ending March 31, Verizon (
VZ) earned an adjusted $1.20 per share on $32.9B in operating revenue, aided in part by the company's best broadband subscriber addition in over a decade. The company added 437,000 broadband subscribers, including 393,000 fixed wireless net additions, up from 379,000 in the previous quarter.
The New York-based telecom also added 127,000 post-paid phone subscribers, topping analysts' estimates of 116,000. Churn during the period was 1.05%.
Total consumer revenue during the period was $24.9B, down 1.7% year-over-year, while business-related revenue fell 2.8% year-over-year to $7.5B.
Verizon generated $8.3B in cash flow from operations in the period, up from $6.8B in the year-ago period.
Analysts were expecting the company to earn an adjusted $1.19 per share on $33.64B in revenue.
The results come on the heels of AT&T's (
T) first-quarter last week, when the stock plunged amid worries over
weak free cash flow results.
Looking ahead, Verizon (
VZ) said it expects wireless service revenue growth to be between 2.5% and 4.5% for the remainder of the year
The company also expects adjusted EBITDA to be between $47B and $48.5B, with adjusted earnings between $4.55 and $4.85 per share.
Verizon (
VZ) also noted that it expects capital spending to be between $18.25B and $19.25B for the year.
The company
will hold a conference call at 8:30 a.m. to discuss the results.
