Verizon shares rise after ringing in bumper levels of new subscribers

 
Oliver Gill
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Some 274,000 joined Verizon during the last three months (Source: Getty)

Shares in the largest wireless firm in the US were today driven up by quarterly results topping analyst expectations.

In its third-quarter results, Verizon also revealed it had added more phone subscribers than was expected.

Shares in the telecoms giant rose almost three per cent in trading.

Total revenue rose to $31.7bn (£24.1bn) from $30.9bn one year ago. Verizon generated earnings per share of 98 cents in the quarter. While earnings were in line with a Thomson Reuters analyst poll, revenue was ahead of the $31.45bn pencilled in.

Net new monthly phone subscribers were 274,000 during the quarter, well ahead of the 185,000 forecast by Wells Fargo analysts.

Read more: AT&T wins European approval for $85bn Time Warner deal

However, the firm said it lost 18,000 video subscribers during the quarter and cited a shift from traditional pay-TV packages to cheaper streaming services.

Rival AT&T recently announced plans to diversify revenues with an $85.4bn acquisition of Time Warner.

Verizon's finance chief Matthew Ellis said the firm had no plans to bolt on new companies to differentiate itself in a fiercely competitive market.

“Just through licensing content, we can have access to content that we want to distribute to our customers,” he told Reuters.

Read more: Has Verizon fired the starting gun on a US price war?

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