Verizon Communications Inc. (NYSE:VZ) stock rose 1.36% (As on October 23, 11:22:52 AM UTC-4, Source: Google Finance) after the company reported third-quarter revenue that missed analysts’ expectations, weighed down by lackluster sales of hardware such as mobile phones. The company reported a net gain of 239,000 monthly phone subscribers, beating analysts’ projections of 222,000. For the first time since the acquisition of Tracfone we had positive prepaid net adds for the quarter, excluding Safelink. The company expects the prepaid business to continue improving quarter by quarter as the company will further refine its offerings and execution. In broadband, the company ended the quarter with nearly 4.2 million fixed wireless access subscribers alongside strong Fios growth. The continued success of the fixed wireless offering allowed the company to reach the goal of 4 to 5 million fixed wireless access subscribers 15 months ahead of the original plan. This confirms the strong demand for the offering and its high level of customer satisfaction. Further, the company is expanding the sports partnerships through an agreement with FIFA where the company will provide extensive network services for the 2026 Men’s World Cup and serve as a Tournament Supporter of the 2027 Women’s World Cup. The company has also expanded the partnership with the Madison Square Garden Family of Companies to become the official wireless provider for all its venues, including Madison Square Garden and the Sphere.

Furthermore, the company has executed on all three during the quarter, including the pending acquisition of Frontier Communications, a tower transaction with Vertical Bridge, a spectrum acquisition from U.S. Cellular, and a new satellite partnership and organizational improvements.

VZ in the third quarter of FY 24 has reported the adjusted earnings per share of $1.19, beating the analysts’ estimates for the adjusted earnings per share of $1.18, according to the Zacks Consensus Estimate . The company had reported the adjusted revenue of $33.3 billion in the third quarter of FY 24, missing the analysts’ estimates for revenue of $33.4 billion.

Additionally, cash flow from operating activities totaled 26.5 billion dollars for the nine months ended September 30, 2024, compared to 28.8 billion dollars in the prior year period. The results reflect over $750 million dollars of higher Adjusted EBITDA. Year to date capital spending was 12 billion dollars. This was approximately 2.1 billion dollars less than the same period last year. The full-year guidance for CapEx remains unchanged at a range of 17 to 17.5 billion dollars.