Verizon Revenue Misses Estimates on Slow Phone Upgrade Cycle
- New iPhone 16 didn’t spur rush to upgrade to new phones
- Verizon is making broadband gains, especially fixed wireless
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Verizon Communications Inc. reported third-quarter revenue that missed analysts’ expectations, weighed down by lackluster sales of hardware such as mobile phones.
The company reported a net gain of 239,000 monthly phone subscribers, beating analysts’ projections of 222,000. But total revenue was essentially flat from a year earlier at $33.3 billion, slightly under analysts’ expectations of $33.4 billion, as service revenue and other growth was offset by declines in wireless equipment revenue.