Verizon lifts annual forecasts, signs $1 billion fiber deal with Google
VZ•Second-quarter results and updated guidance
The company said on Friday it gained 184,000 monthly-bill paying wireless subscribers in the second quarter, surpassing estimates of 103,900 additions by analysts polled by FactSet.
In June, Verizon overhauled its wireless offerings with the launch of Simplicity, an unlimited wireless plan that replaces a more complex lineup with transparent pricing and includes access to the company's fastest 5G network and mobile hotspot data.
Verizon now expects annual adjusted profit of $4.99 to $5.04 per share, up from $4.95 to $4.99 previously.
Free cash flow is expected to grow between 9% and 10% this year, higher than its previous estimate of about 7% or more.
Second-quarter revenue came in at $34.3 billion, below analysts' estimate of $35.16 billion, according to data compiled by LSEG, as equipment revenue fell due to slower phone upgrade activity, with customers holding on to their devices for longer.
Adjusted profit of $1.30 per share beat estimates of $1.27, helped by cost controls and reduced spending on device subsidies.
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