Key facts
- Verizon reported 406,000 monthly-bill paying wireless subscriber gains in the third quarter.
- Third-quarter revenue of $34.3 billion fell short of analyst estimates.
- The deal with AWS will provide high-capacity fiber-optic connectivity for data centers.
Verizon raised its annual forecast for postpaid phone subscribers and adjusted earnings per share on Monday, driven by strong demand for its simplified plans. The telecom giant also announced a significant deal worth over $2 billion with Amazon Web Services to provide fiber-optic connectivity for AI computing workloads. Despite the positive outlook and new AI infrastructure deal, third-quarter revenue of $34.3 billion missed analyst expectations, pressured by lower device upgrade volumes as customers held onto phones longer.