Heard on the Street: Verizon’s Results Add to iPhone Cycle Worries

Heard on the Street: Verizon’s Results Add to iPhone Cycle Worries · The Wall Street Journal

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Apple’s shares slipped Tuesday following third-quarter results from Verizon. The telecommunications giant reported adding 349,000 in net new postpaid wireless connections during the quarter, which was down sharply from 581,000 added in the same period last year and well below the 510,000 analysts were expecting, according to FactSet. Analyst Craig Moffett of MoffettNathanson also noted Verizon’s “remarkably low” upgrade rate of 3.0% for retail postpaid connections, which was down from 3.4% in last year’s third quarter when the last iPhone launched.