Verizon CFO: Customers Will Pay Up For Our Unlimited Plans; Stock Jumps | Investor’s Business Daily

ow component Verizon Communications (VZ) stock jumped Thursday on better-than-expected wireless subscriber additions during the second quarter as its chief financial officer extolled its premium pricing strategy on the earnings call.

This ad will end in 10 seconds.

Autoplay: On | OffShares in the broadband and wireless services provider were up 7.7% to 47.84 on the stock market today. With the gain, Verizon is still down about 12% for 2017 amid fierce wireless competition.

Verizon added 358,000 postpaid phone subscribers in the second quarter, up from 86,000 in the year earlier period and topping estimates of 70,000. Verizon and AT&T (T) reintroduced unlimited data wireless plans early in 2017 amid market share gains by Sprint (S) and T-Mobile US (TMUS).

Verizon’s unlimited plans are priced higher than those of T-Mobile and Sprint, though. Matthew Ellis, Verizon’s CFO, said on its earnings call that the results show its strategy is clicking.

“Our net adds show that once we had a comparable offering out there against the competition — by being unlimited — even with the price premium we have it shows that customer value the high quality network experience.”

Read complete article here:

Verizon CFO: Customers Will Pay Up For Our Unlimited Plans; Stock Jumps | Stock News & Stock Market Analysis – IBD.