Verizon has reported its Q2 earnings, breaking records on strong 5G growth.
Verizon reported revenue of $33.8 billion, a 10.9% increase from the year-ago quarter, and up 5.3% from Q2 2019. The company added 275,000 phone net additions, and reported one of its lowest churn rates in recent years, at a mere 0.65% for retail postpaid phones.
The company attributed much of its success to the increased adoption of 5G phones and services, no doubt aided by the company’s recent aggressive 5G upgrade campaign.
“We are executing on our multipurpose network strategy and producing positive results in each of our five growth vectors, recording strong second quarter results. With more connections on our network than anyone else, our already excellent network performance improved in the quarter and was recognized by RootMetrics as the best overall network performance for the 16th time in a row. We are also expanding our 5G Ultra Wideband and 5G Home markets,” said Verizon Chairman and CEO Hans Vestberg. “We are excited about our momentum leading into the second half of the year. We are on track to close both the Tracfone and Verizon Media transactions, and will continue to bring value and choice to our customers.”
The company also raised its guidance for 2021.
“Second quarter results were exceptional, both financially and operationally,” said Verizon Chief Financial Officer Matt Ellis. “Our strong first half performance and the momentum in our business gives us the confidence to raise our total wireless service revenue growth guidance to between 3.5 percent and 4 percent, an update from prior guidance for 2021 total wireless service revenue growth of at least 3 percent. We are also raising our adjusted EPS guidance to the range of $5.25 to $5.35, an update from prior guidance for 2021 adjusted EPS of $5.00 to $5.15.”