Shares of Verizon Communications (NYSE: VZ) were down in morning trading on Friday as the telecommunication major’s profit plunged 23.3% year-over-year to $5 billion in Q3.
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Moreover, Verizon’s Consumer business reported 189,000 wireless retail postpaid phone net losses in Q3, due to higher churn. This rise in churn was partly a result of the company raising its prices for its plans back in June through additional charges.
However, VZ announced revenues of $34.2 billion in Q3, a rise of 4% year-over-year and beating Street estimates by $410 million.
Adjusted earnings came in at $1.32 per share in the third quarter versus $1.42 in the same period a year back and surpassing consensus estimates of $1.29.
This was the fifth straight quarter for Verizon business after this segment reported more than 150,000 postpaid phone net additions.
Verizon Chairman and CEO Hans Vestberg stated, ” The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business.”
Vestberg added that the company was focused on “executing our 5G strategy, as we are covering every major market and accelerating our C-Band network build. We are on track to reach 200 million POPs [point of presence] within first-quarter 2023.”
