Verizon's (VZ) home and business 🎃wireless services boosted third-quarter earnings even as the telecom giant lost cellular subscribers.

Shares rose more than 5% in early trading Tuesday as the bottom-line results topped analysts' expectations and the company raised its guidance for 2023 澳洲幸运5官方开奖结果体彩网:free cash flow by $1 billion, to $18 billion.

澳洲幸运5官方开奖结果体彩网:Earning per share fell to $1.13 from $1.17 in the prior year quarter, if you don't take ou🔯t about a $579 million hit from TracFone and shutting its BlueJeans business, among others. Adjusted EPS for the third quarter was $1.22, lower than the year ago quarter but higher than a🅺nalyst expectations compiled by Visible Alpha at $1.18.

Revenue also fell by 2.6% year-over-year to $33.3 billion due to lower wireless equipment revenu💎e and fewer upgrades by poওstpaid customers.

Verizon saw 434,000 net additions for its broadband service, up 15% from the same period last year. Consumer wireless business revenue grew 2.9% to $15.96 billion on the back of fixed wireless additions, even as both postpaid and retail wireless subscribers tapered. Wireless business customers helped offset some of the company's continued struggle to maintain users in its wireline division.

The broader 澳洲幸运5官方开奖结果体彩网:communication services sector has this year regained much of the ground it lost as the worst-performing sector in the S&P 500 last year. The benchmark S&P 500 Communication Services Select Sector Index is up more than 33% in the 12 months leading to Oct. 24, 2023. Last week, 澳洲幸运5官方开奖结果体彩网:AT&T announced better-than-expected earn🧸ings results and 468,000 new p🎐ostpaid phone subscribers, a sharp improvement over the most recent quarter.

Verizon shares have falle🌳n roughly 12% in the last year and have lost about half their value since reaching a high above $60 per share in late 2019.