The New York telecommunications giant’s quarterly earnings beat Wall Street forecasts as higher prices helped to boost revenue.

Verizon Communications beat Wall Street’s earnings expectations on Friday, as higher prices for its plans helped the company’s wireless service business make more money than a year ago. Verizon reported adjusted earnings of $1.

Verizon ( VZ 1.14%) stock is climbing Friday following the company's fourth-quarter earnings release. The telecom company's share price was up 1.3% as of 12:15 p.m. ET and had been up as much as 3.9% earlier in the daily session.

Verizon used the cash it retained to strengthen its balance sheet. It ended the year with a net leverage ratio of 2.3 times, down from 2.6 times at the end of 2023. That leverage level supports the company's solid investment-grade bond ratings (A-/BBB+/Baa1).

Verizon Communications' quarterly earnings came in just above Wall Street forecasts -- with higher prices helping boost revenue -- as more customers than expected signed up for wireless phone service. That is up from 449,000 a year earlier and beat analyst estimates for 488,300 additions.

Verizon Communications Inc. reported fourth-quarter financial results that beat analysts’ estimates, including gains in new mobile-phone and broadband customers.

Verizon Communications forecast annual free cash flow and profit below Wall Street estimates on Friday, as the U.S. telecom major spends heavily to expand high-speed internet services and attract customers in a saturating wireless market.

Wall Street is pointing slightly lower in early trading but is on track to close the week with solid gains on healthy quarterly earnings reports from large U.S. corporations.

U.S. stock futures showed small losses due to tariff concerns stirred by President Trump's trade policies. Boeing and Verizon shares fell due to forecasts of higher losses and lower profits, respectively.

Verizon Communications on Friday reported its best quarterly wireless subscriber growth in five years, fueled by robust demand for its customizable myPlan, Black Friday deals and trade-in offers for the AI-powered iPhone 16 series.

On a per-share basis, the New York-based company said it had net income of $1.18. Earnings, adjusted for severance gains, came to $1.10 per share. The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.

Verizon Communications on Friday reported its best quarterly wireless subscriber growth in five years, fueled by robust demand for its customizable myPlan, Black Friday deals and trade-in offers for the AI-powered iPhone 16 series.