said its earnings slipped by nearly a fourth in the quarter as retail customers balked at its recent price increases.
The telecommunications giant said Friday that its consumer business lost 189,000 wireless retail postpaid connections, attributing the drop to higher customer churn that followed monthly rate increases it instituted over the summer.
Verizon’s business-focused unit meanwhile added 197,000 postpaid phone connections, netting the company a total of 8,000 new wireless customers during the third quarter, which ended Sept. 30. The company also added 377,000 new broadband connections.
Profits fell 23% to $5 billion. Adjusted earnings came in at $1.32 a share, above analyst expectations of $1.29 a share, according to
Overall revenue was up 4% to $34.2 billion, topping analyst expectations of $33.76 billion, according to FactSet.
Verizon’s report comes a day after rival
posted revenue and profit growth that overshot expectations after gaining 708,000 postpaid phone connections, a metric investors use to measure the strength of a cellphone carrier’s main profit center. The tally handily topped Wall Street analyst projections for the third quarter in a row.
AT&T said the more than 2.2 million wireless subscribers it has through three quarters is expected to top competitors.
Write to Dean Seal at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8