Verizon Communications Inc. (NYSE:VZ) announced its revenue and subscribers additions for the third quarter that fell short of estimates, mainly due to intense price competition with rivals.
VZ shares fell nearly 3 percent in the mid-day trading on Thursday following the third quarter financial results.
The company reported that it added 442,000 retail postpaid subscribers in the latest quarter, well below 766,300 estimated by analysts surveyed by FactSet StreetAccount.
Overall, the company reported earnings of $3.62 billion, or 89 cents a share for the three-month period ended Sept. 30, as compared to $4.04 billion, or 99 cents a share in the same period last year. On an adjusted basis, earnings were $1.01 a share, surpassing the average analysts’ estimate of 99 cents.
Revenue for the third quarter came in at $30.94 billion, down 6.7 percent from $33.16 billion in the year-earlier quarter. Analysts surveyed by Thomson Reuters were looking for a revenue of $31.14 billion.
Verizon shares are currently trading at $49.00 on volume of 18.81 million shares. The 52-week range of the stock is $43.79-$56.95. The company’s market cap is $200.44 billion and P/E ratio is 13.88.