Verizon misses postpaid phone subscriber estimates

Verizon Communications Inc said on Tuesday it added fewer monthly bill-paying phone subscribers than expected during the fourth quarter, as it faced increased competition from rivals T-Mobile US Inc and AT&T Inc . The company added 279,000 postpaid phone subscribers in the quarter, below FactSet estimates of 443,100.

Reuters | Updated: 26-01-2021 18:14 IST | Created: 26-01-2021 17:42 IST
Verizon misses postpaid phone subscriber estimates
Representative Image Image Credit: Pixabay

Verizon Communications Inc said on Tuesday it added fewer monthly bill-paying phone subscribers than expected during the fourth quarter, as it faced increased competition from rivals T-Mobile US Inc and AT&T Inc .

The company added 279,000 postpaid phone subscribers in the quarter, below FactSet estimates of 443,100. The economic uncertainty surrounding the COVID-19 pandemic has caused people to rethink spending.

The onset of the 5G era with the latest iPhones has left customers exploring various available options among the big three carriers that continue to invest in the rapidly evolving technology, intensifying competition for Verizon. Total operating revenue for Verizon fell 0.2% to $34.7 billion, compared with estimates of $34.43 billion, according to IBES data from Refinitiv.

Net income fell to $4.72 billion, or $1.11 per share, in the fourth quarter ended Dec. 31, from $5.22 billion, or $1.23 per share, a year earlier.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

Soccer-Milan limp through on away goals after draw with Red Star

AC Milan progressed to the last 16 of the Europa League on away goals after struggling to a 1-1 draw at home to Red Star Belgrade on Thursday, with the visitors playing the final 20 minutes with 10 men as the tie finished 3-3 on aggregate. ...

Gymnastics-Former U.S. Olympics coach dies by suicide after being charged

Former U.S. Olympic gymnastics coach John Geddert, who had ties to disgraced team doctor Larry Nassar and was charged earlier on Thursday with human trafficking and sexual assault, has since died by suicide, authorities said. According to c...

Tesla to cut Model 3 production in U.S. for two weeks - sources

Electric vehicle maker Tesla Inc plans to slash production of its Model 3 sedans for two weeks, sources told Reuters on Thursday, at a time when demand is slowing for Tesla cars and the market faces a chip shortage.They were not aware of th...

Soccer-Man United stroll into Europa League last 16

Manchester United eased into the Europa league last 16 after a 0-0 home draw with Real Sociedad on Thursday completed a 4-0 aggregate win over the Spanish side in their round of 32 clash. With one eye on Sundays Premier League clash against...

Give Feedback