Verizon Communications Inc. (Verizon) reported its third-quarter financial results for 2024 on October 22, 2024. The company saw a significant increase in wireless postpaid phone net additions, doubling the number year over year, and achieved its fixed wireless subscriber target 15 months ahead of schedule. Total wireless service revenue rose to $19.8 billion, marking a 2.7% increase from the previous year. Broadband also experienced growth, with total broadband net additions of 389,000 for the quarter. Despite these gains, consolidated net income for the quarter was $3.4 billion, a decrease from $4.9 billion in the same quarter of the previous year, primarily due to severance charges of $1.7 billion related to workforce reductions. Adjusted EBITDA for the quarter was $12.5 billion, slightly up from $12.2 billion in the third quarter of 2023. The company remains on track to meet its full-year 2024 financial guidance, expecting total wireless service revenue growth of 2.0% to 3.5%, adjusted EBITDA growth of 1.0% to 3.0%, and an adjusted EPS of $4.50 to $4.70. Capital expenditures are projected to be between $17.0 billion and $17.5 billion, with an adjusted effective income tax rate ranging from 22.5% to 24.0%.

Verizon Communications Inc. (Verizon) reported its third-quarter financial results for 2024 on October 22, 2024. The company saw a significant increase in wireless postpaid phone net additions, doubling the number year over year, and achieved its fixed wireless subscriber target 15 months ahead of schedule. Total wireless service revenue rose to $19.8 billion, marking a 2.7% increase from the previous year. Broadband also experienced growth, with total broadband net additions of 389,000 for the quarter. Despite these gains, consolidated net income for the quarter was $3.4 billion, a decrease from $4.9 billion in the same quarter of the previous year, primarily due to severance charges of $1.7 billion related to workforce reductions. Adjusted EBITDA for the quarter was $12.5 billion, slightly up from $12.2 billion in the third quarter of 2023. The company remains on track to meet its full-year 2024 financial guidance, expecting total wireless service revenue growth of 2.0% to 3.5%, adjusted EBITDA growth of 1.0% to 3.0%, and an adjusted EPS of $4.50 to $4.70. Capital expenditures are projected to be between $17.0 billion and $17.5 billion, with an adjusted effective income tax rate ranging from 22.5% to 24.0%.