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(Reuters) -Verizon beat Wall Street estimates for quarterly profit and wireless subscriber additions on Wednesday, as promotions around the recent iPhone launches helped the U.S. wireless service provider attract more customers.
The company added 44,000 total monthly bill-paying wireless subscribers in the third quarter, compared with expectations for 19,000 additions, according to data from FactSet.
The results could ease investor concerns that Verizon is losing ground to rivals T-Mobile and low-cost cable providers.
Carriers rolled out competitive deals, trade-in discounts, and switching benefits to attract customers as they looked to protect their customer base in an active switcher environment following the September iPhone launches.
Verizon’s customizable myPlan, which offers a three-year price guarantee, has remained popular among customers.
Over 18% of the company’s wireless postpaid users have also opted for its broadband offerings.
Newly appointed CEO Dan Schulman is expected to provide commentary on Verizon’s growth plans during the earnings call later in the day.
Verizon reaffirmed its profit and free cash flow forecast for the full year and said it expects capital expenditures to be within or below the previously guided range of $17.5 billion to $18.5 billion.
Total revenue for the quarter was $33.8 billion, compared with analysts’ average estimate of $34.28 billion, according to data compiled by LSEG.
On an adjusted basis, Verizon earned $1.21 per share, topping analysts’ estimates of $1.19.
(Reporting by Harshita Mary Varghese in Bengaluru;; Editing by Sriraj Kalluvila)
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