Business

Verizon raises full-year profit forecast


FILE PHOTO: A man stands next to the logo of Verizon at the Mobile World Congress in Barcelona, Spain, February 26, 2019.


(Reuters) - Verizon Communications Inc on Tuesday raised its 2019 profit forecast and beat Wall Street estimates for quarterly earnings, as the largest U.S. wireless carrier prepares for a wider 5G services rollout in the United States.


Verizon launched its 5G mobile network in two cities in the United States last month at an additional cost of $10 for customers with existing unlimited plans.


The company, however, said it lost a net 44,000 phone subscribers who pay a monthly bill in the first quarter.


On an adjusted basis, Verizon earned $1.20 per share, beating analysts’ estimates of $1.17, according to IBES data from Refinitiv.


Reporting by Akanksha Rana in Bengaluru and Sheila Dang in New York; Editing by Bernard Orr and Anil D'Silva






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