Verizon profit beats estimates as more subscribers sign up

Published 21/07/2015 in Society

Verizon is gearing up to launch its online video service to unlock new revenue streams as competition in the wireless industry from smaller players such as T-Mobile US Inc and Sprint Corp heats up.

The company bought AOL Inc in June in a $4.4 billion bet that a push into mobile video and targeted advertising can help it find new growth avenues.

Verizon said it added 842,000 4G smartphones to its postpaid customer base in the quarter.

Net income attributable to Verizon was $4.23 billion, or $1.04 per share, in the second quarter ended June 30, compared with $4.21 billion, or $1.02 per share, a year earlier.

Revenue rose to $32.22 billion from $31.48 billion.

Analysts on average had expected earnings of $1.01 per share on revenue of $32.45 billion, according to Thomson Reuters I/B/E/S.

(Reporting By Devika Krishna Kumar and Lehar Maan in Bengaluru- Editing by Saumyadeb Chakrabarty)

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