The biggest wireless carrier in the U.S. – Verizon Communications Inc. made an official statement today, posting its results over the second financial quarter. The company shared that its profit jumped by 88% over the period, outstripping the median analysts forecast due to improved customers gains.
Mr. Lowell McAdam, who is the Chairman and Chief Executive Officer of the company said in the statement, which was cited by the Wall Street Journal: “Verizons second-quarter results continue to demonstrate our ability to deliver strong customer growth, with equally strong financial performance, in a dynamic and competitive environment.”
Verizon Communications Inc. reported second-quarter earnings of 4.21 billion dollars or 1.01 dollars per share, compared to 2.25 billion dollars or 78 cents apiece a year ago, which is an 88% increase.
According to the companys statement, Verizons sales over the period increased by 5.7% and reached 31.5 billion dollars. The analysts projected sales of 31.1 billion dollars.
The Chief Executive Officer of the company – Mr. Lowell McAdam said in a statement dated July 10th that Verizon Communications Inc. added 1.4 million contract customers. This is an improvement from the 941 000 subscribers reached a year ago.
In February this year, the company managed to finalize the acquisition of its Wireless unit by purchasing the 45% stake of Vodafone Group Plc at the price of 130 billion dollars. The takeover was expected to help the company sharply increase its profits over 2014 and is also considered able to make the company more flexible when it comes to the future of its wireless carrier Verizon Wireless.
Verizon Communications Inc. was 0.65% up to trade at 51.03 dollars per share by 13:31 BST, marking a one-year change of +1.51%. According to the information published on CNN Money, the 25 analysts offering 12-month price forecasts for Verizon Communications Inc. have a median target of 54.00, with a high estimate of 60.00 and a low estimate of 41.00. The median estimate represents a +6.51% increase from the last price of 50.70.
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