TEHRAN, October 23 - Verizon Communications Inc (VZ.N) on Tuesday beat Wall Street estimates for profit and net new phone subscribers, helped by the popularity of its promotional offers subsidizing Apple Inc’s (AAPL.O) latest iPhones.
TEHRAN, Young Journalists Club (YJC) -Verizon Communications Inc (VZ.N) on Tuesday beat Wall Street estimates for profit and net new phone subscribers, helped by the popularity of its promotional offers subsidizing Apple Inc’s (AAPL.O) latest iPhones.
The largest U.S. wireless carrier knocked up to $750 off the price of some of Apple’s new phones, launched in September, as it looks to gain more share in a saturated market.
Verizon shares rose slightly to $55.20 in pre-market trading.
The company said it added a net 295,000 phone subscribers who pay a monthly bill during the third quarter, beating the estimate of 161,000 provided by research firm FactSet.
Revenue from Oath, Verizon’s digital media subsidiary that owns websites AOL and Yahoo, was $1.8 billion during the third quarter, down from $2 billion a year before. Verizon said it now does not expect Oath to reach its previous target of $10 billion in revenue by 2020.
That sparked talk that Verizon may dispose of the unit.
“I would expect the next move will be that the business is jettisoned entirely,” said Jonathan Chaplin, an analyst with New Street Research.
Source: Reuters
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