US telecom operator Verizon Communications has increased net profit by 8.9% in the second quarter and revenue by 5.2%, at the same time as adjusted earnings and revenue beat market expectations.
The company reported net income of $5 billion, or $1.18 per share, for the April-June period, compared with $4.59 billion, or $1.09 per share, for the same period a year earlier.
Earnings excluding one-time factors rose to $1.22 per share from $1.15 a year earlier.
Quarterly revenue was $34.5 billion, compared with $32.8 billion a year earlier. In particular, equipment revenue rose 5.2% to $6.26bn last quarter, while service revenue rose 1.6% to $28.25bn.
Analysts surveyed by FactSet on average estimated the company’s adjusted earnings at $1.19 per share on revenue of $33.74bn.
The company has improved its 2025 adjusted earnings outlook and now expects it to grow 1-3%, rather than the 0-3% previously forecast. The company also expects its free cash flow to be $19.5-20.5bn (previously $17.5-18.5bn).
Verizon’s stock price is up 4.6 per cent in early trading on Monday. Since the beginning of the year they have grown by 2.1%.