On Thursday, Verizon reported lower than expected revenue and a profit drop as wireless subscriber adds were down in particular, to say the least. The company’s Q3 earnings per share was said to be 89 cents, which compares to 99 cents per share in the same quarter last year. Verizon reported 442,000 retail postpaid net additions in the quarter compared to 1.2 million year-over-year. Total operating revenues in Q3 dropped 6.7 percent annually to $30.9 billion. More on the wireless side of Verizon’s Q3 is available here in our sister publication, Wireless Week.
On the wireline front, revenue decreased 2.3 percent, to $7.8 billion, comparing this Q3 with the one in 2015. Retail consumer revenues grew 0.2 percent, to $3.2 billion, supported by consumer Fios revenue growth of 4.2 percent, according to Verizon.
And how has Fios fared in terms of new subscribers since the strike earlier this year? Verizon reports adding a net of 90,000 Fios internet connections and 36,000 Fios video connections for Q3 2016. Total revenues for Fios services were said to be up 4.4 percent, to $2.8 billion year-over-year for the quarter.
Verizon also reports that about 16 percent of the company’s Fios internet base has opted for speeds of 100 megabits per second or higher, compared with 11 percent in second-quarter 2016. “Customer demand for Custom TV remains strong and is consistent with prior quarters,” the company says.