Verizon Q1 beats analyst expectations with earnings per share of $1.22

Verizon just released its first quarter earnings report, with earnings per share that came in significantly ahead of analyst expectations, while revenue was right in line with predictions.

The company reported EPS of $1.22 per share (or $1.20 when adjusted to exclude a 2 cent benefit due to a pension re-measurement triggered by its recent voluntary redundancy program) and revenue of $32.1 billion, which was up 1.1 percent year-over-year. Analysts had predicted EPS of $1.17 and revenue of $32.15 billion.

Verizon also saw 61,000 net additions to its postpaid retail wireless business, including 174,000 net additions on the postpaid smartphone side.

The Verizon Media division (which owns TechCrunch) reported revenue of $1.8 billion, down 7.2 percent year-over-year. The company blames this decline on falling desktop ad revenue.

The report comes as Verizon begins its 5G rollout in  Chicago and Minneapolis, with the company saying that the 5G network buildout was part of its $4.3 billion in capital expenditures.

“2019 is shaping up to be an exciting year for Verizon,” said chairman and CEO Hans Vestberg in a statement. “We are leading the world in the development of new technologies with the launch of our 5G Ultra Wideband network. Our ambition remains unchanged to provide the most advanced next-generation networks in the world.”

As of 8am Eastern, Verizon shares are up 0.72 percent in pre-market trading.