Verizon Q2 profit beats estimates, boosted by wireless growth

Scott Gamm

Verizon Communications (VZ) posted better-than-expected second-quarter results on Thursday, with profit boosted by strong wireless subscriber growth as the company ramps up its implementation of next generation, high-speed connectivity.

Here are the numbers:

  • Earnings: $1.23 adjusted earnings per share, vs. $1.20 expected in a Bloomberg consensus forecast.

  • Revenue: $32.1 billion vs. $32.41 billion expected.

  • Wireless: 451,000 retail postpaid net additions, including 420,000 postpaid smartphone net additions, and 245,000 phone net additions.

"Verizon made history this quarter by becoming the first carrier in the world to launch 5G mobility. We are focused on optimizing our next-generation networks and enhancing the customer experience while we head into the second half of the year with great momentum."said Verizon Chairman and CEO Hans Vestberg, in a statement.

Verizon is the parent company of Yahoo Finance.

Verizon’s 5G network strategy continues to take shape, racing against competitors like AT&T (T) and T-Mobile (TMUS). 5G allows for faster download speeds than the status-quo 4G network.

The company activated its mobile 5G commercial network back in April in Chicago and Minneapolis. In June, Verizon expanded its 5G mobile service to Denver and Providence. On Wednesday, the company added Atlanta, Detroit, Indianapolis and Washington, DC to the 5G mobile network.

Verizon plans to have 5G in more than 30 cities in 2019, including Boston, Charlotte, Cincinnati, Cleveland, Columbus, Dallas, Des Moines, Houston, Kansas City, Little Rock, Memphis, Phoenix, San Diego, and Salt Lake City.

The company’s stock, traded on the New York Stock Exchange, ended Wednesday’s trading down 2.4% at 55.27, but rose over 1% in pre-market action.

Verizon’s shares are down 1.7% so far in 2019.

Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.

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