Verizon Communications reported its first quarter earnings that surpassed expectations, on the back of solid subscriber growth in its postpaid services.
The telecom giant's earnings for the three months ending March came in at $1.22 per share, beating Wall Street analysts' estimates by 3 cents. The figure reflects a +9.9% jump from the year-ago quarter.
Net revenues came in at $32.12 billion – unchanged from the prior year period, but in line with analysts' estimates.
The company had a net 61,000 addition of retail postpaid subscribers over the quarter. This included 174,000 net smartphone additions, which exceeded the Street forecasts of a modest decline. Net phone subscribers, however, dipped by 44,000, compared to the 25,000 loss anticipated.
For the full-year 2019, Verizon expects revenues to increase by a "low single-digit percentage", while forecasting a similar trajectory for earnings as well.