Verizon Wireless reports quarterly net profit for the fourth quarter of 2017
Net profit for Verizon Wireless was $7.5 billion, beating Wall Street forecasts, the company said Wednesday.
Verizon said the company posted net income of $6.7 billion for the quarter, down $1.1 billion from the year-earlier period.
Wall Street expects Verizon to post a loss of $1 billion in 2017.
Verizon Wireless reported $7 billion in net income in the fourth-quarter of 2017, up $1 Billion from a year earlier.
That’s the company’s best fourth- quarter earnings since 2009.
Verizon’s net income will be significantly higher than Wall Street expected given the company has already announced $50 billion in new funding for new technology and infrastructure.
Verizon also announced it’s hiring 4,500 more people for the company.
The company expects its total employee base to grow by more than 8% for the full year.
Wall Street was expecting Verizon to lose $3 billion or $1 a share in 2017, and the stock was down more than 3% in premarket trading Wednesday.