(Boursier.com) — Verizon , the American telecom operator, announced for its third fiscal quarter earnings per share of $1.17, against $1.55 a year earlier. Adjusted earnings per share were $1.32, compared to $1.42 a year earlier. Total revenue improved 4% to $34.2 billion, but net profit fell 23% to $5 billion, as adjusted Ebitda fell 0.4% to 12, 2 billion. The consensus was $1.29 in adjusted EPS and $33.8 billion in revenue. The group missed market estimates for wireless subscriber additions as many customers switched to cheaper plans from rivals AT&T and T-Mobile US Inc. Verizon lost 189,000 paid monthly phone subscribers on its consumer business in the quarter, after raising prices in June. Verizon picked up 8,000 net new monthly paid wireless phone subscribers in the quarter, well below Factset’s estimate of 35,400 additions.
US telecommunications operators are under increasing pressure to keep their plans affordable. That, coupled with higher costs from heavy 5G investments and growing competition to retain paying subscribers, has hurt Verizon.
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