Verizon reported 3rd quarter 2010 earnings of $0.58 per share beating analysts’ expectations of $0.56 per share by 4.32%.
VZ reported cash flows from operations of $25.2 billion and free cash flow of $13.4 billion up 25.3%. The company added an additional 997,000 customers this quarter amounting to totals of 93.2 million customers and 101.1 million connections. VZ also saw 226,000 additional FIOS internet subscribers and 204,000 FIOS TV subscribers demonstrated growth in the company’s wireline segment.
Verizon will be releasing the Apple iPad WiFi starting October 28th and will be launching the Droid X and Droid 2 in the future. Verizon has demonstrated that product and contract development is of priority and has exemplified hard evidence of the company’s ability to compete with other wireless device and service providers. With strong capital gains in the third quarter, expected additional upside in the 4th, and a dividend yield a little over 6%, UASBIG Tech/Telecomm analysts are confident in Verizon’s position in the portfolio.