Verizon (VZ) 2024 Q3 Earnings Digest

Verizon's third-quarter 2024 financial results show positive trends in key areas like wireless service revenue and broadband subscriber growth. The company more than doubled postpaid phone net additions year-over-year, reaching 239,000, and achieved positive consumer postpaid net additions, both with and without their second number offering. This success is attributed to strategic initiatives like "myPlan" and "myHome," offering customers flexibility and value. Prepaid brands also performed well, exceeding expectations and achieving positive net additions, excluding Safelink, for the first time since the TracFone acquisition. Broadband services experienced notable growth, with total net additions reaching 389,000 in the quarter. Fixed Wireless Access (FWA) was a major contributor, exceeding the company's target 15 months ahead of schedule, reaching nearly 4.2 million subscribers. Fios internet net additions also improved, reaching 43,000. Financially, consolidated revenue remained flat year-over-year at $33.3 billion, with growth in service revenue offset by declines in wireless equipment revenue due to lower upgrade volumes. However, wireless service revenue showed a 2.7% year-over-year increase, reaching $19.8 billion. Adjusted EBITDA grew by 2.1% year-over-year, reaching $12.5 billion, driven by profitable growth strategies. The company maintains a strong focus on debt reduction, with net unsecured debt at $121.4 billion, down year-over-year. Verizon anticipates continued momentum in the fourth quarter and into 2025, with sustained growth in wireless service revenue and broadband services.