Verizon tops estimates for subscriber additions, profit on strong phone upgrades

Core Insights - Verizon exceeded Wall Street expectations for quarterly profit and wireless subscriber growth, driven by promotions related to recent iPhone launches [1][2] - The company added 44,000 monthly bill-paying wireless subscribers in Q3, significantly higher than the expected 19,000 [1] - Total revenue for the quarter was $33.8 billion, slightly below analysts' average estimate of $34.28 billion [5] Subscriber Growth - Verizon's wireless subscriber additions indicate a positive trend, easing investor concerns about competition from T-Mobile and low-cost cable providers [2] - The company’s customizable myPlan, which includes a three-year price guarantee, has been well-received by customers [2] Financial Performance - On an adjusted basis, Verizon reported earnings of $1.21 per share, surpassing analysts' estimates of $1.19 [5] - Verizon reaffirmed its profit and free cash flow forecast for the full year, with capital expenditures expected to remain within or below the previously guided range of $17.5 billion to $18.5 billion [3] Broadband Offerings - Over 18% of Verizon's wireless postpaid users have opted for its broadband services, indicating a successful cross-selling strategy [3] Leadership Commentary - Newly appointed CEO Dan Schulman is anticipated to discuss Verizon's growth plans during the upcoming earnings call [3]