Verizon Communications on Thursday released its financial report for the second quarter of the year, noting how it's largely satisfied with the operating results of its mobile subsidiary Verizon Wireless. The telecommunications giant reported $1.07 in earnings per share for the three-month period ending June 30 and was in line with analyst expectations in this aspect. That particular figure also marks a significant surge compared to Q2 2016 when the New York City-based company reported an EPS of 17 cents. Adjusted EPS (non-GAAP) amounted to 96 cents during the second quarter of the year and was still two cents higher year-on-year.
Verizon Wireless managed to add 614,000 postpaid customers, 590,000 of which also purchased phones from the company during the quarter, in addition to reporting a postpaid churn rate of 0.94 percent and specific postpaid phone churn of 0.70 percentage points. The figure indicates a high degree of customer loyalty and is something that Verizon is particularly eager to highlight, especially in light of the fact that it managed to record a postpaid phone churn rate of under 0.90 percent for the ninth quarter in a row. The telecom giant is using those figures to argue how its customers are happy with the service they are receiving and are likely to stick with the provider in the long term. Verizon Chairman and Chief Executive Officer Lowell McAdam called the second quarter of the year a success, claiming how the firm managed to both add new customers and retain its old ones while simultaneously investing in key areas of its business. The telecom giant was recently expanding its efforts to everything from entertainment and Internet of Things (IoT) to smart cities and the fifth generation (5G) of mobile networks, with McAdam's latest comments indicating how Verizon is adamant to keep pursuing that comprehensive approach to doing business.
Not all of the financial results reported by Verizon were spun off as positive; total wireless revenues in Q2 2017 amounted to $21.3 billion, marking a 1.9 percent decline year-on-year. Total consolidated operating revenues were 30.5 billion, a small increase over $30.3 billion posted in Q2 2016, whereas net income amounted to $4.5 billion. The company's shares were up by almost one percent immediately after the release of its latest financials, though the current $44.40 price per share still marks an 18 percent decrease compared to Verizon's market cap 12 months ago.