The US-based company Verizon Communications (NYSE:VZ) released its 2018 first quarter financial results and it beat estimates.
Total consolidated revenue and total wireless revenue both went up during the first quarter.
The company’s consolidated revenue went up to USD $31.8 billion, which is 6.6% higher than the previous year’s first quarter, and total wireless revenue increased by 4.7% compared to the previous year’s $21.9 billion.
Cash flow from the company’s operations also increased to $6.6 billion, compared with $1.7 billion from the first quarter of the previous year.
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According to an article from Reuters, Verizon Communications only lost an estimated 24,000 phone subscribers on a monthly plan, compared with analysts’ predictions that the company would lose 69,000 subscribers.
The company also gained 66,000 Fios Internet customers and lost 22,000 Fios Video customers.
Verizon’s Chairman and CEO, Lowell McAdam said that they “are positioning Verizon for long-term growth while executing [the company’s] strategy…leading the way for the next cycle of growth for the industry.”
The company announced last year that they would be attempting to achieve $10 billion in cumulative cash savings over the next four years. So far, Verizon has saved a total of $200 million.
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McAdam also stated that the company started off 2018 with a strong momentum that he expects will only continue throughout the year.
Predictions for the full year include an increase in the low single-digit percentage rates for consolidated revenue, while capital spending is estimated to be between $17.0 billion to $17.8 billion, which include the company’s plans to launch a 5G network.
Shares of Verizon Communications rose approximately 2% on Tuesday, reaching a share value just below $50.00.
The company closed at a share value of $48.66 on Monday.
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