Verizon’s ability to add wireless business customers bolstered its third quarter as it added 615,000 postpaid net smartphone additions.
The company reported third quarter earnings of $1.25 a share on revenue of $32.9 billion, up 0.9% from a year ago.
Wall Street was looking for third quarter revenue of $32.75 billion and earnings of $1.24 a share.
Verizon said its wireless revenue was $23.6 billion, up 2.6% from a year ago. The wireless unit had a total retail postpaid churn of 1.09% with retail postpaid phone churn of 0.82%.
What’s notable about Verizon’s results is how its wireless business for companies is insulating it somewhat from intense competition for consumers. Verizon delivered 408,000 retail postpaid additions in the third quarter with 205,000 phone net additions. The consumer wireless business had 193,000 retail postpaid net additions with 239,000 phone net additions.
Verizon CEO Hans Vestberg said the rollout of 5G and wireless traction left the company “energized” about the fourth quarter.
Meanwhile, Verizon said it has saved $4.6 billion in cash savings since announcing a play to save $10 billion in 2018.
Verizon said that it added 36,000 FiOS Internet connections, but continued to lose video customers. The Verizon Media unit, which includes Yahoo and AOL, saw revenue fall 2% in the third quarter to $1.8 billion due to declines in desktop advertising. Mobile and native ads fared well.