While Verizon’s Q3 2023 earnings were down from last year, both its earnings and wireless subscriber growth topped Wall Street estimates, giving the carrier a much-needed boost in the stock market, with shares rising more than 8% in early trading.
Analysts predicted a Q3 gain of 63,000 postpaid phone subscribers; however, Verizon reported 100,000 postpaid phone customers adds for the quarter, compared to an 8,000 gain in the year-earlier period, and total wireless service revenue was $19.3 billion, a 2.9% increase year-over-year. Total retail postpaid churn was 1.15%, and retail postpaid phone churn came in at 0.9%.
