Verizon Communications announced on Monday that it will do higher in the primary quarter due to its flexible plans and streaming packages that provide discounted prices on services comparable to. B. has lost fewer mobile customers than expected Netflix And Warner Bros DiscoveryThat is Max.
Shares of the US telecommunications company rose 2.5% in premarket trading.
Between January and March, 68,000 monthly paying mobile subscribers were lost – a seasonally weak period for the industry following the vacation quarter.
That compares with an estimated lack of 100,000 and a lack of 127,000 in the primary quarter of 2023, in line with FactSet.
The New York-based company said last month that nearly all of its customers had chosen the customizable premium option myPlan, which had been well received by consumers.
Verizon has also partnered with streaming services to draw customers. Starting last Thursday, the most recent promotion includes six months of free access to Disney’s services for brand new and existing customers on some plans.
In December, the corporate began offering discounted subscriptions to Netflix and Max for some myPlan packages.
Verizon’s consumer business posted its best performance since 2018 in the primary quarter, with 158,000 net losses in mobile postpaid retail, in comparison with 263,000 losses a 12 months ago.
“We are on track to meet our financial forecasts and achieve positive net growth in consumer postpaid phones for the year,” said CEO Hans Vestberg.
The company reported revenue of $33 billion for the quarter, in comparison with an LSEG estimate of $33.24 billion, because the variety of phone upgrades continued to say no.
Analysts say customers are clearly showing a preference for keeping their phones longer given the economic uncertainty and lack of major recent features.
Verizon’s plans typically cost greater than competitors comparable to AT&T And T Mobilethat are expected to announce their results later within the week.
Excluding items, the corporate reported earnings of $1.15 per share, beating the LSEG estimate of $1.12 per share.
