Verizon loses 36,000 net postpaid phone subscribers in Q3
Verizon also fell just shy of Wells Fargo's wireless service revenue estimate of $16.8 billion for the period. The actual amount reported was $16.7 billion, which was a 5.2% decline year-over-year. Altogether, the company had 442,000 net postpaid additions, 33% less than Wells Fargo's estimate of 657,000 net postpaid adds.
As the largest U.S. wireless operator, Verizon is a target for carriers like T-Mobile (third largest in the U.S.) and Sprint (fourth largest in the states). The company recently started an aggressive ad campaign of its own. Starring actor Jamie Foxx, the spots call T-Mobile and Sprint "cut-rate" networks.
Being a huge conglomerate, Verizon overall had revenue of $30.9 billion, less than the $31.1 billion expected on Wall Street. Adjusted earnings came to $1.01 a share, topping the 99 cents a share that analysts were expecting. Those numbers include wireless, cable, and all of the company's business interests.