Verizon Reports Flat Q3 Earnings But Modest Gains In Media And FiOS Divisions

Verizon said its third-quarter results were dinged by hurricanes and flooding across Florida and Texas, but still reported net income of 89 cents in the quarter, flat with the year-ago period but matching the consensus estimate of analysts.

Total revenues came in at $21.6 billion, a decline of 2.4% compared with the third quarter of 2016.

In the media unit, Oath (the new name for holdings including AOL, Yahoo and Huffington Post), revenues were $2 billion, and the company said the integration of AOL and Yahoo is “ahead of internal expectations.”

The company’s “wireline” unit, which includes FiOS residential video and broadband service, reported the addition of 66,000 net Internet connections and a loss of 18,000 net Fios Video connections. Verizon said the numbers reflect “the ongoing shift from traditional linear video to over-the-top offerings.” At the end of the quarter, Verizon had 5.8 million Fios Internet connections and 4.6 million Fios Video connections.

Despite the video subscriber erosion, total Fios revenues grew 4.8%, and consumer Fios revenues grew 4.6%, comparing this year’s period with 2016 and including the impact of two marquee pay-per-view events in the current quarter.

Executives will discuss the results with Wall Street analysts during a conference call scheduled for 8:30AM ET. Check back here for updates.


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