U.S. telecommunications giant Verizon (VZ) has reported strong financial results for this year’s third quarter and lifted its forward guidance.
The wireless internet provider announced earnings per share of $1.31 U.S., which beat the $1.27 U.S. forecast on Wall Street.
Revenue in the July through September period totaled $34.3 billion U.S., which was slightly below the $34.8 billion U.S. consensus expectation of analysts.
Importantly, Verizon said that it added 406,000 postpaid phone customers during the third quarter, way ahead of the 195,300 additions Wall Street was anticipating.
Looking ahead, Verizon raised its forward guidance, saying it now expects full-year earnings of $5.04 U.S. to $5.06 U.S. per share.
It was the third consecutive quarter that Verizon raised its profit guidance.
In announcing its latest financial results, Verizon said that it signed a deal worth more than $2 billion U.S. with technology giant Amazon (AMZN).
The deal will see Verizon build fiberoptic connectivity for Amazon Web Services (AWS) artificial-intelligence (A.I.) data centres. AWS is Amazon’s cloud computing unit.
VZ stock has risen 14% over the last 12 months to trade at $44.66 U.S. per share.
Related Stories
