Investing.com - Verizon Communications (NYSE:VZ), the largest mobile network operator in the U.S., reported better than expected first quarter earnings ahead of Tuesday’s opening bell, despite missing on revenue figures.
Verizon said adjusted earnings per share came in at $1.02, above expectations for earnings of $0.95 per share and compared with $1.15 per share in the same period a year earlier.
The mobile network operator’s first quarter revenue totaled $31.98 billion, missing forecasts for revenue of $32.27 billion.
Verizon Wireless had 565,000 retail postpaid net additions in first-quarter 2015, a 4.8% increase compared with first-quarter 2014.
"Verizon is off to a strong start in 2015 with another quarter of profitable growth," said Verizon Chairman and CEO Lowell McAdam.
"We expanded our base of customers seeking a premium experience, and we grew revenues, earnings and cash flow during a quarter in which we also took significant steps to sharpen our strategic focus. We are confident in our ability to maintain momentum and continue to add value for customers and shareholders."
Immediately after the earnings announcement, Verizon shares tacked on 0.65% in trading prior to the opening bell to hit $49.70 from a closing price of $49.38 on Monday.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow futures pointed to a gain of 0.3% at the open, the S&P 500 futures indicated a rise of 0.35%, while the Nasdaq 100 futures signaled an increase of 0.4%.