Verizon beats quarterly subscriber addition estimates, expects strong 2022

Verizon Communications Inc said on Tuesday it added more wireless subscribers that pay a monthly bill than expected during the fourth quarter as the telecom operator's rapid deployment of its 5G services roped in more customers. Verizon has been aggressively expanding its 5G services, exceeding its year-end target for high-bandwidth 5G network nationwide even as the telecom operator sees a delay in deployment of its lower-frequency spectrum impacting flights.

Verizon Communications Inc said on Tuesday it added more wireless subscribers that pay a monthly bill than expected during the fourth quarter as the telecom operator's rapid deployment of its 5G services roped in more customers.

Verizon has been aggressively expanding its 5G services, exceeding its year-end target for a high-bandwidth 5G network nationwide even as the telecom operator sees a delay in deployment of its lower-frequency spectrum impacting flights. The company's total operating revenue fell 1.8% to $34.1 billion in the quarter ended Dec. 31, excluding the sale of Verizon Media, compared with estimates of $34.01 billion, according to IBES data from Refinitiv.

The company added 558,000 subscribers in the quarter, above the average estimate of 546,400 from research firm FactSet. Verizon expects adjusted EPS of $5.40 to $5.55, above analysts' estimates of $5.39 for 2022. The company forecasts wireless service revenue to grow between 9% and 10% in the year.