Economy

Grove Bank & Trust Has $2 Million Position in Verizon Communications Inc. (VZ)

Grove Bank & Trust Has $2 Million Position in Verizon Communications Inc. (VZ)”

The company reported almost 110 million postpaid mobile connections at the end of the quarter - a net increase of 603,000 - along with 5.6 million prepaid connections.

Verizon added 603,000 retail postpaid connections.

The third quarter earnings season is now here, and first out of the gate is Verizon.

Verizon increased 3.1 percent to $50.16 at 9:41 a.m.in NY after reaching as high as $51.18, the biggest intraday gain since July 27.

Verizon launched Verizon Unlimited in mid-February, countering similar plans from T-Mobile and Sprint.

The largest USA wireless carrier said Thursday that it added 603,000 customers who pay a bill at the end of each month, more than Wall Street expected.

Verizon Communications Inc. rose the most since July after new unlimited data plans drew in more wireless subscribers for a second straight quarter. Still, the company said service revenue trends were improving and had increased from the second quarter.

Revenues rose 2.5% from previous year to $31.7 billion, also beating analysts' view for $31.45 billion.

Analysts are closely awaiting the release of Apple Inc.'s latest phones, including the premium iPhone X. If popular, the new phones could drive more customers to upgrade at Verizon but rivals could also grab customers away with discounts. Possibly many consumers are holding out for the $999 iPhone X model, and the carriers this year also offered promotions that were less lucrative than last year for consumers buying the iPhone 8.

The company's "wireline" unit, which includes FiOS residential video and broadband service, reported the addition of 66,000 net Internet connections and a loss of 18,000 net Fios Video connections.

The nation's largest mobile network operator reported service revenue of $15.8 billion during the quarter, down 5.1% year over year but slightly outpacing Wells Fargo's estimate of $15.7 billion. Revenue came in at $31.72 billion versus the estimated $31.45 billion.

Thomson Reuters analysts forecasted Verizon's adjusted EPS to be 98 cents, which they matched, and revenue to be $31.45 billion, which they exceeded.

Looking ahead, VZ reiterated its previously announced 2017 outlook for flat consolidated revenues on an organic basis. Analysts are predicting the earnings to slide down to $3.782 in the three year's time from previous levels of around $3.903.

It's shaping up to be grim quarter for the pay-TV biz, as the drip-drip-drip of cord-cutting continues to put pressure on the fat traditional channel bundle.

Verizon Chief Executive Lowell McAdam said in September that the company is aiming to cut $10 billion in costs over the next four years by moving to zero-base budgeting.



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