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Verizon beats quarterly subscriber addition estimates, expects strong 2022 -Breaking

by Mike Robinson

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© Reuters. The Verizon logo can be seen at 375 Pearl Street in Manhattan, New York City. It was placed there on November 22, 2021. REUTERS/Andrew Kelly

(Reuters) –Verizon Communications Inc announced Tuesday that it had added wireless customers who pay a higher monthly fee than was expected in the fourth quarter. This is due to Verizon’s fast deployment of 5G services.

Verizon (NYSE: ) has aggressively expanded its 5G services. The telecom operator exceeded its year end target for high bandwidth 5G networks across the country, even though it is experiencing delays in deployments of low-frequency spectrum.

According to Refinitiv’s IBES data, the company’s operating revenue decreased 1.8% to $34.1billion in the quarter that ended December 31, without the sale Verizon Media. This compares with an estimate of $34.01billion.

The company added 558,000 subscribers in the quarter, above the average estimate of 546,400 from research firm FactSet.

Verizon predicts that adjusted earnings per share will range from $5.40-$5.55. That’s higher than the analysts’ estimate of $5.39, 2022. According to Verizon, wireless revenue will increase between 9%-10% in this year.

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