A Top- and Bottom-Line Beat for Verizon
Verizon reported better-than-expected earnings for its third quarter this morning–56 cents a share on revenue of $26.5 billion to the 54 cents a share on revenue of $26.4 billion analysts had been expecting.
But while it beat revenue and earnings targets, its wireless subscriber growth fell short of forecasts. Verizon added 584,000 new postpaid wireless customers, well below the 625,000 to 665,000 the Street had been hoping for. A bit of a disappointment for the nation’s largest wireless carrier, particularly since archrival AT&T added 745,000 postpaid wireless customers during the same period. That divergence means Verizon ended the quarter with a base of 93.2 million wireless customers–nearly even with AT&T’s base of 92.8 million.
Interesting, since this quarter saw the launch of some high-profile Android handsets on Verizon–the Droid 2 and Droid X, for example. Evidently, while “Droid Does,” it doesn’t do quite enough….