Verizon adds more subscribers

Credit: Reuters Studio
Published on July 24, 2018 - Duration: 01:00s

Verizon attracted more subscribers with unlimited data plans in the latest quarter, sending shares of the wireless carrier higher.

Fred Katayama reports.

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Verizon adds more subscribers

Verizon gained more customers with unlimited data plans in the latest quarter, handily beating Wall Street's expectations.

The telecom carrier added 398,000 subscribers who pay their bill at the end of each month.

Wells Fargo senior analyst Jennifer Firtzsche said, "Verizon appears to also be benefiting from customers stepping up to higher priced wireless plans and increasing average connections per account." Its quarterly revenue grew and profit slid, but both beat analysts' forecasts.

Verizon shares, which have declined more than 4 percent this year, traded higher at the market open on Tuesday.

The company has been investing heavily to build out its next generation 5G network.

It plans to start service in up to five U.S. markets this year.

It said today it will launch 5G in Houston, Texas in the second half of this year.

In a sign of customers cutting the cord, Verizon lost 37,000 Fios video subscribers, more than double that a year ago.

But it added 43,000 internet customers.

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