Verizon falls after adding fewer subscribers than expected (VZ)

Verizon on Thursday reported third-quarter earnings results that topped analysts' forecasts for profits but trailed expectations for subscriber growth.The company announced adjusted earnings per share of $1.01, slightly higher than the median estimate of $0.99, according to Bloomberg. Operating revenue came in at $30.9 billion, just under the forecast for $31.1 billion.The results also showed that Verizon continues to face strong competition from rivals in the video and telecommunications industries.Verizon said net additions for Fios video totaled 36,000, but analysts had estimated a gain of 59,000. At the same time, demand for higher internet speeds increased, reflecting the shift away from traditional cable-TV bundles and toward more customizable streaming services.The surplus of people who signed up for postpaid phone service minus those who ditched Verizon for another network was 442,000. But analysts were looking for a much higher net addition of 875,000. The company's wireless revenue fell 4% year-over-year to $22.1 billion.Verizon shares fell 2% in premarket trading after the company released its earnings. They gained 9% this year through the close of trading on Wednesday.Earlier this week, Yahoo CEO Marissa Mayer tried to reassure investors that the company's $4.8 billion acquisition by Verizon was still on track, despite a massive security breach at the internet company that has thrown the acquisition into question.SEE ALSO:Marissa Mayer insists Yahoo's Verizon deal is still on track as core revenue plunges 14% in Q3Join the conversation about this storyNOW WATCH: FEMA is tracking Hurricane Matthew using the 'Waffle House Index
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