Verizon Communications (VZ, Financial) just delivered a standout performance in Q3 2024, surpassing its fixed wireless subscriber goal 15 months ahead of schedule and posting a solid 2.7% year-over-year bump in wireless service revenue. The company locked in 389,000 new broadband customers, marking its ninth straight quarter of big broadband gains, while wireless postpaid phone net additions surged over twofold from last year to hit 239,000. Yet, despite all this customer growth, total revenue stayed flat at $33.3 billion, with service gains offset by weaker wireless equipment sales.
The financials took a hit, with net income sliding to $3.4 billion from $4.9 billion a year ago, weighed down by $2.3 billion in special charges, including a $1.7 billion severance cost from its employee separation initiatives. Still, Verizon kept its eye on the bottom line, boosting adjusted EBITDA to $12.5 billion, proving that disciplined financial management is paying off. Earnings per share clocked in at $0.78, while adjusted EPS hit $1.19, slightly beating expectations.
Looking ahead, Verizon is staying the course to hit its 2024 financial goals, projecting up to 3.5% growth in wireless service revenue and an adjusted EBITDA increase of up to 3.0%. With strategic plays like new product launches and the upcoming acquisition of Frontier Communications, the company is set to ride the wave of growing demand for top-notch connectivity, positioning itself for sustainable growth in the years ahead.
