The U.S.' largest carrier added more phone subscribers than Wall Street expected in the latest quarter. Fred Katayama reports.
Verizon's quarterly profit didn't grow, but America's largest carrier added more phone subscribers than expected. And its revenue rose, beating analysts' estimates. The company gained 274,000 phone subscribers who pay a monthly bill. Verizon shares rose at the start of trading Thursday, chipping away at their nearly 9 percent loss this year. Wells Fargo senior analyst Jennifer Fritzsche said, "Verizon delivered a second consecutive quarter of strong results, particularly in its wireless segment." Fewer customers defected than expected; the so-called churn rate was less than 1 percent. Analysts say many customers are delaying their decisions to switch carriers until the fourth quarter. That's when Apple is expected to launch sales of its iPhone X. Verizon, however, lost video subscribers in the quarter - some 18,000. Consumers have been shifting from pay-TV packages to cheaper streaming services like Netflix. AT&T and Comcast had earlier warned of video subscriber losses.