Verizon’s stock moves higher as company sees net gain of 100,000 postpaid phone subscribers for third quarter
Verizon Communications Inc. shares were rocketing toward their best day in 15 years Tuesday after the company saw growth in its subscriber metrics and boosted its free-cash-flow outlook for the year.
He noted that the company’s “competitive position is now stronger,” as Verizon posted positive consumer postpaid phone net additions in the month of September. “We anticipate that momentum will continue as we’re on track to exceed our postpaid phone net adds from of last year,” Vestberg said. Revenue fell to $33.3 billion from $34.2 billion and matched the FactSet consensus. The company reported $25.3 billion in revenue from its consumer business and $7.5 billion in revenue from its business unit.
“Strong free cash flow provides flexibility and enables us to deliver on our capital-allocation priorities,” Chief Financial Officer Tony Skiadas said on the earnings call.
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