Verizon stock got a boost on Tuesday following the release of its earnings report for the third quarter of 2018.
During the third quarter of the year, Verizon (NYSE:VZ) reported earnings per share of $1.22. This is an increase over the company’s earnings per share of 98 cents reported during the same time last year. It was also good news for Verizon stock by beating out Wall Street’s earnings per share estimate of $1.19 for the period.
Net income reported by Verizon for the third quarter of 2018 came in at $5.06 billion. This is better than the company’s net income of $3.74 billion that was reported in the third quarter of the previous year.
Verizon’s earnings report for the third quarter of the year also includes operating income of $7.68 billion. The wireless carrier’s operating income from the same period of the year prior was $6.99 billion.
Verizon also reported revenue of $32.61 billion for the third quarter of 2018. This is up from the company’s revenue of $31.72 billion reported in the third quarter of the previous year. It was also a boon to Verizon stock by coming in above analysts’ revenue estimate of $32.51 billion for the quarter.
The majority of Verizon’s revenue for the third quarter of the year comes from is wireless business. This accounts for $23.00 billion of its revenue during the period. Of this $23.00 billion, $16.20 billion is revenue from its Service business.
VZ stock was up 3% as of Tuesday morning and is up 2% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
