Verizon's stock dropped to its lowest price in 10 years on Friday after the company reported its Q3 earnings.
On the business side, Verizon added 197,000 net new postpaid phone subscribers during the three months. This allowed it to record its fifth consecutive quarter with at least 150,000 net new postpaid phone subscribers in its business unit. The churn rate for the business sector's postpaid phone business was 1.10%. Revenue for the Business Wireless group was up 5.7% on an annual basis to $3.3 billion. The increase is due to higher pricing and growth in the customer base.
Meanwhile, Verizon Chief Financial Officer Matt Ellis blamed higher plan pricing for the disconnections on the consumer side and said that"the pressure" would continue into the fourth quarter. Wall Street analysts weighed in with their comments."The thing people forget is the biggest company in the industry, they have the most customers to lose each quarter," said Michael Hodel, director of telecom and media research at Morningstar.
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