Verizon raised its annual adjusted profit forecast on July 24 after it said it had secured a more than US$1 billion deal with Google to provide dark fiber connectivity for Google’s data centers, as AI infrastructure spending lifted demand for high-capacity links between facilities.

The US telecom operator added 184,000 monthly bill-paying wireless subscribers in the second quarter, above FactSet estimates of 103,900.

Adjusted earnings were US$1.30 per share on revenue of US$34.3 billion.

CEO Dan Schulman said more agreements were expected by year-end and could generate billions of dollars in revenue over the next several years.

Verizon now expects annual adjusted profit of US$4.99 to US$5.04 per share, up from US$4.95 to US$4.99 previously.

🔗 Source: Reuters