Verizon Communications Inc (VZ.N) announced on Wednesday that it attracted more postpaid phone subscribers in the third quarter than projected, owing to increasing demand for 5G services.
To keep up with an increase in demand for mobile and internet services during the pandemic, the carrier has been doubling down on its investments in 5G technology. Verizon has gained more consumers thanks to the rapid introduction of the service in the United States, which includes flexible services for both home and business users.
In the quarter, the business added 429,000 postpaid phone subscribers, beating FactSet's forecast of 302,300.
According to Refinitiv statistics, Verizon's overall operating revenue increased 4.3 percent to $32.9 billion in the third quarter, compared to analysts' average forecast of $33.2 billion.
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