Verizon reported its first-quarter results, citing a strong start to the year despite reporting 178,000 phone net losses.
Verizon’s latest quarterly reports are a mixed bag, simultaneously beating expectations and losing 178,000 subscribers.
The company reported $5.4 billion net income for the quarter, an increase of 25.4%. Similarly, the earnings per share came in at $1.27, up from the $1.00 they were a year ago.
Total wireless revenue came in at $16.7 billion, a 2.4% increase year over year. In spite of that, Verizon experienced 170,000 retail postpaid net losses, including 178,000 phone net losses, compared to 68,000 net phone loses a year ago.
“Verizon is off to an excellent start in 2021 as we met the challenge of intense competition in the first quarter by achieving revenue growth across our three business segments,” said Verizon Chairman and CEO Hans Vestberg. “This year began with a transformative milestone for our company with our success in the recent C-Band spectrum auction. We continue to strengthen our networks, execute on our Network-as-a-Service strategy and focus on the five vectors that underpin our growth framework and position us to deliver success in 2021 and beyond.”