Verizon helped kick off telecoms earnings season on a sour note this morning with its first quarter results. Revenues of $29.8B, whereas analysts had been expecting more like $30.5B. Excluding one time items, earnings per share of $0.95 also came in three pennies under expectations, and so the market will probably take them down a bit when it opens.
On the wireless side, revenues were $20.9B, down 5.1% over the same quarter last year due to decreased overage revenue and fewer postpaid customers. They saw retail postpaid churn of 1.15% during the quarter. LTE traffic levels were up 57% over the same quarter last year, however. During Q2 the company plans to roll out some 11 pre-commercial 5G pilots as it prepares for the next technology wave.
On the wireline side, FIOS revenues were up 4.7% over the same period last year, adding some 35K connections while losing 13K on the video piece. Revenues were down 0.6% to $7.9B, and down 3.2% if one excludes the contribution from XO Communications.
Earlier this week Verizon did a big deal for fiber from Corning for its nextgen wireless backhaul buildout and was talking up high profile merger possibilities with the likes of Comcast, Disney, CBS, and Charter.