Telecom giant Verizon Communications Inc. (VZ) reported better-than-expected earnings and revenue in the final quarter of fiscal 2022. The company’s wireless service revenue in the fourth quarter came in at $18.80 billion, representing an increase of 5.9% year-over-year. Its postpaid phone net additions were 217,000, while its retail postpaid net additions were 1,434K, representing its best single quarter performance in seven years.
For fiscal 2022, VZ’s retail postpaid net additions increased 23.2% year-over-year to 2,605K, driven by strong fixed wireless connections, tablet, and wearables adoption, and sequential improvement in phone net additions. The company’s total broadband net additions of 416,000 in the fourth quarter were driven by solid demand for Fios and fixed wireless products, and it was its best total broadband performance in over a decade.
