Verizon quarterly income tops estimates as subscribers rise

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NEW YORK (Reuters) – Verizon Communications Inc’s (VZ.N) quarterly income surfaced Wall Street researcher estimates on Thursday and a association combined some-more phone subscribers than expected, promulgation shares of a No. 1 U.S. wireless conduit adult in pre-market trading.

The association pronounced that it combined 274,000 phone subscribers who compensate a monthly check on a net basis. Churn, or rate of patron defections for all business profitable a monthly bill, including inscription subscribers, was 0.97 percent.

Wells Fargo analysts had pronounced in a note on Monday that they approaching net phone subscriber additions of 185,000 and shake of 1.05 percent.

Shares, partial of a Dow Jones Industrial Average .DJI, rose 2.4 percent to $49.82 in pre-market trading.

Verizon has been competing with smaller rivals T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N) for business in a mature marketplace for wireless use in a United States. In February, a association reintroduced an total information devise for a initial time in some-more than 5 years, and other carriers responded by rising assertive promotions.

But Wells Fargo analysts pronounced in a note that they approaching a third entertain was comparatively reduction competitive, with many consumers pulling out a preference to switch carriers until a fourth entertain when Apple Inc’s (AAPL.O) iPhone X is approaching to debut. New phone launches typically give business inducement to ascent skeleton and change use providers.

Verizon also pronounced it mislaid 18,000 video subscribers in a third quarter, citing a change from normal pay-TV packages to cheaper streaming services. ATT Inc (T.N), that owns satellite radio provider DirecTV, and wire association Comcast Corp (CMCSA.O) have formerly warned that a some-more rival sourroundings in a pay-TV attention would minister to subscriber waste during a period.

Net income attributable to Verizon was $3.62 billion, or 89 cents per share, in a third entertain finished Sept. 30, prosaic from a year progressing period.

Excluding items, gain per share was 98 cents.

Total income rose to $31.72 billion from $30.94 billion a year earlier.

According to Thomson Reuters I/B/E/S, analysts had approaching practiced gain per share of 98 cents and income of $31.45 billion.

Reporting by Anjali Athavaley; Editing by Nick Zieminski

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