Boston, MA 11/01/2013 (wallstreetpr) – Verizon Communications Inc. (NYSE:VZ) is a communications, information and entertainment products and services provider. Its services capture governmental agencies, businesses and customers. Its primary segments are Verizon Wireless and Verizon Wireline. The $144.55 billion capped company posted stellar Q3 data on October 17, beating Wall Street expectations and reporting strong income and revenue for four consecutive quarters.
The company’s impressive data highlights reflect 30% operating income growth to $7.1 billion in Q3.13, up from $5.5 billion for Q3.12. The telecoms giant’s net income turned $2.2 billion or $0.77 per share for the most recent quarter. On revenue basis, VZ earned gross total revenue of $30.3 billion for Q3, against $29.01 billion in the same quarter a year ago, reflecting a 4.4% growth.
At $50.51 per share on the browser according to the October 31, closing, the stock is up an impressive 14.22% from last year. This is better than what its rivals have attained. VZ still remains the largest carrier in the U.S. and it is showing no signs of slowdown soon. The company is reported to have added 927K more postpaid customers to its network in Q3, thanks largely to the growing demand of cheap smartphones. With this impressive performance, the company carries a buy recommendation from Canaccord Genuity at a price target of $55.
So far according to the data released Sept. 30, the U.S. telecoms giant boasts 101.2 million subscribers. This indicates a 5.5% jump in customer base from last year’s total. Perhaps what best captures VZ’s status as a cash machine is its 95.2 million-base of postpaid subscribers.
Add to these impressive figures the telecoms company’s expanding high-speed 4G LTE network which already now covers 99% of its existing 3G infrastructure. Also, it now covers 303 million Americans, or 97% of the population with its new 4G network. This is a source of future growth for the company, making it even a bigger giant that stands miles above the competition.