Verizon Communications (NYSE:VZ) reported Q3 EPS (Earnings per Share) of USD 1.32 to beat the analyst estimate of USD 1.29. Revenue for the quarter came in at USD 34.2 billion, again higher than the consensus estimate of USD 33.78 billion.

Verizon shares are down 4.4 per cent in pre-open trading Friday. Wireless revenue also came in ahead of the consensus. Verizon reported it added 388,000 wireless postpaid subscribers, higher than the 347,898 consensuses.

Verizon’s Chairman and CEO Hans Vestberg said that the company took several actions in the third quarter that helped drive improved operational and financial performance. However, it knows there’s still more work to be done.

Verizon also reiterated its full-year EPS forecast from USD 5.10 to USD 5.25. The company still sees wireless service revenue growth of between 8.5 per cent and 9.5 per cent. It also said it started a new cost-cutting program that should result in annual savings between USD 2-3 billion by 2025.