Verizon beats estimates for postpaid phone subscriber addition

Verizon Communications Inc said on Wednesday it added more monthly bill-paying phone subscribers than expected in the second quarter, helped by higher demand for 5G-related services and devices as the economy reopens.

Verizon has been investing heavily in its 5G wireless network to make its offerings more attractive in the face of intense competition in the industry.

The company added 275,000 postpaid phone subscribers in the quarter, above FactSet estimates of 174,800.

Total operating revenue for Verizon rose 10.9% to $33.8 billion in the second quarter, compared with estimates of $32.74 billion, according to IBES data from Refinitiv.