Verizon and Sirius XM released their latest earnings reports before opening bell this morning. Verizon posted adjusted earnings of 94 cents per share on $30.53 billion in revenue for the second quarter. Analysts had been expecting earnings of 92 cents per share on $30.84 billion. In last year’s second quarter, the company reported revenue of $32.22 billion.

Sirius XM posted adjusted earnings of 3 cents per share on $1.2 billion in revenue, compared to the consensus estimates of 4 cents per share and $1.22 billion. The company’s revenue grew 10% year over year to reach a record high for any quarter.

Verizon’s profits fall

Verizon Communications

Verizon’s consolidated earnings declined to 17 cents per share from $1.04 per share in the year-ago quarter. The company added 615,000 retail postpaid net subscribers and recorded a low retail postpaid churn rate of 0.94%. Verizon’s Fios revenue grew 2.7% to $2.8 billion. Although the company saw a net decline of 13,000 Fios Internet connections and 41,000 Fios video connections as a result of the worker strike. The company said the revenue growth in the segment was driven by a bigger customer base and demand for higher Internet speeds.

Verizon continues to grow its new Internet of Things revenue streams, which climbed 25% year over year to $205 million. Verizon Wireless generated $10.3 billion in segment adjusted EBITDA, which was a 3.8% increase from last year. Verizon Wireless revenue declined 4% to $21.7 billion due to customers opting for unsubsidized phone payment plans. The segment had about 31.8 million device payment plan phone connections, which made up approximately 37% of its postpaid phone base. Verizon Wireless had 74.6 million smartphone connections at the end of the quarter.

Verizon shares slipped 0.16% to $55.78 in premarket trading this morning.

Sirius XM raises guidance

Sirius XM

Sirius XM reported $468 million in adjusted EBITDA, which was a record quarterly high and an increase of 13% from last year’s $415 million.  The satellite radio provider added 587,000 net new subscribers during the quarter to surpass 30.6 million subscribers at the end of the quarter. Average revenue per user increased 3% to $12.78. Free cash flow also hit a new record during the quarter, reaching $395 million.

Sirius XM increased its guidance this morning as well. Management expects to add 1.6 million net new self-pay subscribers and 1.7 million total net new subscribers this year. Their previous outlook was for 1.4 million and 1.6 million, respectively. They expect revenue to approach $5 billion this year, compared to their previous guide of about $4.9 billion. Sirius XM projects about $1.8 billion in adjusted EBITDA, an increase from the previous estimate of about $1.78 billion.

Shares of Sirius XM rose 0.72% to $4.18 in premarket trading this morning.