Verizon's stock surges after upbeat wireless metrics, as customer loyalty increased
Shares of Verizon Communications Inc. surged 2.7% in afternoon trade Tuesday, after the telecommunications giant reported upbeat fourth-quarter wireless metrics as customer loyalty increased. Speaking at the Citi 2019 Global TMT West investor conference in Las Vegas, Ronan Dunne, executive vice president of Verizon Wireless, said Verizon Wireless retail postpaid net additions totaled 1.2 million and retail postpaid phone churn was 0.82% in the fourth quarter. That compares with 1.2 million net additions and churn of 1.00% in the same period a year ago. "In a highly competitive wireless market, our connections growth and churn rates signal that customers are attracted to our network superiority and reliability, as well as our unique product offerings," Dunne said. Verizon is scheduled to report full fourth-quarter results on Jan. 29. The stock has climbed 5.9% over the past three months, while the Dow Jones Industrial Average has lost 10.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.