NEW YORK CITY (dpa-AFX) - Telecom major Verizon Communications Inc. (VZ) reported Tuesday fourth-quarter net income attributable to the company of $5.11 billion or $1.18 per share, compared to a net loss of $2.57 billion or $0.64 per share in the prior-year quarter.
Excluding special items, adjusted earnings for the quarter was $1.10 per share, compared to last year's $1.08 per share.
On average, 17 analysts polled expected the company to report earnings of $1.10 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenue for the quarter increased 1.6 percent to $35.7 billion from last year. Analysts expected revenues of $35.34 billion for the quarter.
The company said it added nearly 1 million postpaid mobile and broadband subscribers in fourth quarter, best quarterly result in more than a decade.
This result was driven by wireless service revenue growth, partially offset by the impact of higher upgrade volumes and continued declines in Business wireline revenue.
Looking ahead to fiscal 2025, Verizon now expect adjusted earnings growth of 0 to 3.5 percent on total wireless service revenue growth of 2.0 percent to 2.8 percent. The Street is looking for earnings of $4.72 for the year.
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