Verizon stock (NYSE:VZ) is surging close to 3% as of day’s end on Tuesday as the telecommunications company previewed its wireless metrics for its most recent quarter, which are expected to impress.
The carrier’s customer loyalty rates were higher in its fourth quarter of its fiscal 2018, according to an investor conference led by Ronan Dunne, executive vice president of Verizon Wireless, at the Citi 2019 Global TMT West meeting in Las Vegas. He said that the company’s wireless retail postpaid net additions reached 1.2 million, while its retail postpaid churn came in at 0.82% for its fourth quarte
The figure is a considerable improvement over the company’s fourth quarter of its fiscal 2017, which had the same number of net additions, but its churn rate was higher at 1.00%. The addition of 1.2 million wireless retail postpaid subscribers for Verizon’s fourth quarter marks its highest number of additions in the space for any quarter of the company’s fiscal year.
“In a highly competitive wireless market, our connections growth and churn rates signal that customers are attracted to our network superiority and reliability, as well as our unique product offerings,” Dunne said. “We’ve seen continued momentum, and we had an outstanding fourth quarter.”
Verizon is slated to report the rest of its fourth-quarter results in a conference for investors that is slated to be held on Jan. 29.
VZ stock is up about 2.96% on Tuesday following the encouraging news regarding its fourth-quarter results.