Verizon’s financials shy of expectations, albeit improved

Verizon's (NYSE:VZ) stock price dropped back, losing around 6.66%, after the telecoms operator reported second-quarter revenue of $32.8 billion, slightly short of the $33.0 billion that Wall Street analysts predicted.

Nonetheless, Verizon added 148,000 net retail phone subscribers, marking a significant improvement on the 68,000 subscriber loss in the preceding quarter.

The broadband business gained 391,000 subscribers, up to 11.5 million.

The company highlighted success with its ‘flex’ plans – which allow customers to ‘pick ‘n’ mix’ services depending upon their budget.

“Our industry-leading network serves as a catalyst for how our millions of customers live their lives, and serves as the backbone for new and emerging technologies,” Verizon chief executive Hans Vestberg said in a statement.

“We continue to build and expand on our strengths and successes with new products and services, and we are confident that this upward momentum will position us for future growth."

Back to the financials, however, Verizon reported net income of $4.7 billion for the quarter, down from $4.8 billion in the previous year. Earnings (adjusted EBITDA) per share came in at $1.15, in line with expectations.

In New York, Verizon shares were down $2.73 or 6.56% changing hands at $38.89.