Verizon beats profit, revenue estimates on more subscribers

(Reuters) - Verizon Communications Inc reported better-than-expected quarterly profit and revenue on Tuesday, as the No. 1 U.S. wireless carrier attracted more subscribers with unlimited data plans.

The company's shares, which have fallen more than 4 percent this year, were up 2.4 percent to $51.98 in premarket trading.

Verizon said it added 398,000 subscribers who pay a monthly bill on a net basis, beating analysts' average estimate of 352,000 subscribers, according to Thomson Reuters I/B/E/S.

The company has been investing heavily in building its 5G network and plans to roll out the service in three to five U.S. markets in 2018. Verizon also named its Chief Technology Officer Hans Vestberg as its new chief executive officer beginning Aug. 1, in a move many analysts said signaled the company's focus on the network.

Net income attributable to Verizon fell to $4.12 billion, or $1 per share, in the second quarter ended June 30, from $4.36 billion, or $1.07 a share, a year earlier.

Total operating revenue rose to $32.20 billion from $30.55 billion a year ago, above estimates of $31.78 billion.

On an adjusted basis, the company earned $1.20 per share, beating analysts' estimates of $1.14 per share.

(Reporting by Vibhuti Sharma in Bengaluru and Sheila Dang in New York; Editing by Bernard Orr)