Verizon Q2 results show subscribers went up more than expected

Verizon's second quarterly report for 2018 is out and it brings good news for executives and shareholders.

According to the report, the company has a net gain of 398,000 subscribers, beating the expected 352,000 with more than 10%. The company expects the revenue growth to be around 5% at the end of the year, after investing in equipment for its new 5G network, planned to launch by the end of 2018.

The biggest wireless carrier reported a total operating revenue of $32.20 billion almost a $2 billion year-on-year increase and was over expectations in this category as well. The total net income of the company is $4.24 billion in Q2 alone and more than $8.90 billion since the beginning of 2018. For comparison, for wireless equipment alone, Verizon has spent more than $5 billion each quarter this year.

Not all departments outperform, however, Verizon's Fios video service lost 37,000 subscribers during the second quarter of 2018, following a 15,000 loss in Q1. The company did get 43,000 new Fios internet customers, but that was still 12% less than the increase they had in 2017.

How the top US carrier compares to its closest competitor, we will find out tomorrow when AT&T releases its own financial report.

source: Verizon via Reuters