Verizon Beats Quarterly Profit Estimates

Verizon Communications Inc on Tuesday reported a better-than-expected quarterly profit as the largest U.S. wireless carrier prepares for a wider 5G rollout across the United States.

The biggest U.S. wireless carrier by subscribers, however, said it lost a net 44,000 phone subscribers during the first quarter. Analysts had expected a loss of 25,000 subscribers, according to research firm FactSet.

On an adjusted basis, Verizon earned $1.20 per share, beating analysts’ estimates of $1.17, according to IBES data from Refinitiv.―CNBC