Verizon Communications (VZ) reported third-quarter earnings of $1.25 per share on Friday, which beat the analyst consensus estimate of $1.24 by 0.81%. This is a 2.46% increase over earnings of $1.22 per share from the same period last year.

The company reported quarterly sales of $32.894 billion, which beat the analyst consensus estimate of $32.74 billion by 0.47%. This is a 0.88% increase over sales of $32.607 billion the same period last year.

"Verizon continued its momentum in the third-quarter by driving strong wireless volumes in both our Consumer and Business segments, while delivering solid financial results, highlighted by continued wireless service revenue growth, increased cash flow, and EPS growth," said Hans Vestberg the CEO of Verizon.

"We are focused on our 5G rollout strategy, looking to deploy next-generation networks while enhancing our industry-leading 4G LTE network. Going into the fourth quarter, we are energized by the strong performance of the business and we are confident in our strategy to drive value for our customers and growth for our shareholders."

Verizon shares were trading up 1.11% at $61.25 in Friday’s pre-market session. The stock has a 52-week high of $61.58 and a 52-week low of $52.28.