Verizon Communications Inc. upped its free-cash-flow expectations for the year, and shares of the telecommunications company were headed about 2% higher in Tuesday’s premarket trading.
The company reported net income of $4.9 billion, or $1.13 a share, compared with $5.0 billion, or $1.17 a share, in the year-earlier period. On an adjusted basis, Verizon VZ,
Revenue fell to $33.3 billion from $34.2 billion and matched the FactSet consensus. The company reported $25.3 billion in revenue from its consumer business and $7.5 billion in revenue from its business unit.
The company notched a net gain of 100,000 postpaid phone subscribers in the third quarter. Total retail postpaid phone churn was 0.9%.
Verizon switched up its plans back in May, simplifying the array of offerings while letting consumers customize their add-on services. The company also saw some early availability of Apple Inc.’s iPhone 15 at the end of the latest quarter.
The company now expects more than $18 billion in free cash flow for the full year, up by $1 billion relative to the prior target. Free cash flow is a notable metric for Verizon investors due to the company’s dividend obligations.
Verizon also anticipates that capital spending will fall at the higher end of the company’s previously guided range, which was for $18.25 billion to $19.25 billion.
The results from Verizon come after peer AT&T Inc. T,
