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Verizon Communications Inc reported better-than-expected first-quarter results on Tuesday as the No. 1 US wireless carrier lost fewer monthly phone subscribers than feared, and the company's chief financial officer said it was continuing to explore a new video service.
Verizon lost 24,000 phone subscribers who pay a monthly bill, while analysts expected it to lose 69,000 subscribers, according to financial and data analytics firm FactSet.
Speaking on the post-earnings conference call, Verizon Chief Financial Officer Matthew Ellis said the company was not interested at this time in acquiring broadcast or cable networks, but continued to look at "over-the-top" options, or cheaper streaming video packages with fewer channels.
Verizon was a bidder for Twenty-First Century Fox Inc assets, which Walt Disney Co is trying to buy for $52.4 billion. Net income attributable to Verizon rose to $4.55 billion, or $1.11 per share, in the first quarter ended March 31 from $3.45 billion, or 85 cents per share, a year earlier.
On an adjusted basis, the company earned $1.17 per share. Total operating revenue rose to $31.77 billion from $29.81 billion a year earlier. Verizon added 66,000 Fios internet customers during the quarter and lost 22,000 Fios video subscribers. Verizon's first-quarter 2018 earnings per share included approximately 21 cents due to tax reform and accounting changes for revenue recognition.

Copyright Reuters, 2018

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