Verizon beats expectations on revenue and earnings

Analysts on Wall Street had pencilled in a figure of $1.30 per share.

The company - the largest mobile network operator in the United States - reported total profits of $5.8bn for the period, on revenue of $33.76bn.

That was also ahead of expectations, with markets forecasting revenue of $32.69bn.

“We are executing on our multipurpose network strategy and producing positive results in each of our five growth vectors, recording strong second quarter results,” said chairman and chief executive officer Hans Vestberg.

“With more connections on our network than anyone else, our already excellent network performance improved in the quarter and was recognized by RootMetrics as the best overall network performance for the 16th time in a row.

“We are also expanding our 5G ultra wideband and 5G home markets.”

Vestberg said the company was upbeat on its momentum heading into the second half.

“We are on track to close both the Tracfone and Verizon Media transactions, and will continue to bring value and choice to our customers.”

Verizon’s board said its expectations for the full-year were for earnings of between $5.25 and $5.35 per share.

At 0934 EDT, shares in Verizon were up 1.74% at $56.54 on the Nasdaq.