Verizon adds more cellphone customers; profit slips

Verizon adds more cellphone customers; profit slips
In this May 16, 2018, file photo the Verizon logo hangs on a building on 34th Street in New York. Verizon Communications Inc. reports financial results Thursday, Aug. 1. (AP Photo/Mary Altaffer, File)

Verizon's net income fell in the second quarter but a key earnings measure topped analyst expectations as the country's largest cellphone company added more wireless customers.

The New York-based company said Thursday that it added 245,000 cellphone customers who pay a monthly bill—so-called "postpaid" customers, the most lucrative kind of subscriber. Its prepaid customers, a small part of its overall business, declined.

The company's Fios cable business is shrinking as more consumers cut the cord, choosing internet TV options like Netflix instead. It added more home high-speed internet customers.

Verizon, like other wireless companies, is in the middle of rolling out the next generation of wireless service, called "5G." It's supposed to be faster and more reliable, and the carriers are touting opportunities for new technology that will ride on it. Verizon says it has launched 5G in parts of nine cities and plans for 30 cities this year.

Verizon Communications Inc. reported overall of $3.94 billion, or 95 cents per share, down from $4.12 billion, or $1 per share, in the same period a year ago.

Earnings, adjusted for non-recurring costs, were $1.23 per share, topping Wall Street's estimate of $1.20 per share, according to Zacks Investment Research.

Revenue dropped less than 1%, to $32.07 billion, shy of Wall Street's forecast of $32.4 billion.

Verizon shares rose about 1% Thursday. The stock had declined almost 2% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19%.

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