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Verizon Communications Inc (NYSE:VZ) reported second-quarter FY21 operating revenue growth of 10.9% year-on-year to $33.8 billion, beating the analyst consensus of $32.68 billion. Wireless revenue growth, strong Fios and Verizon Media results, and increased wireless equipment revenue drove the revenue numbers.

Financials: Total Verizon Consumer revenue grew 11.2% Y/Y to $23.5 billion, Consumer wireless service revenues rose 5.4% Y/Y to $13.8 billion., while Wireless equipment revenues of $4.7 billion drove the growth.

Total wireless service revenue rose 5.9% Y/Y to $16.9 billion, with Total business revenue increasing 3.7% Y/Y to $7.8 billion. Total Verizon Media revenues improved 50% Y/Y to $2.1 billion.

Total retail postpaid churn stood at 0.94%, and retail postpaid phone churn at 0.72%. The 528,000 retail postpaid net additions include 275,000 phone net additions, leading to 121.3 million total retail connections.

The adjusted EPS of $1.37 beat the analyst consensus of $1.29.

Verizon generated $20.4 billion in operating cash flow in the first half of 2021. Capital expenditures in the first half of 2021 were $8.7 billion.

The consumer segment EBITDA margin was 44.3%. The business segment's EBITDA margin was 24.1%.

The results reflect an increase in 5G phone adoption, customer and sequential wireless service revenue growth, and superior network reliability.

In Q2 2021, Verizon announced an agreement to sell Verizon Media to Apollo funds.

Outlook: Verizon raised its FY21 total wireless service revenue growth guidance to 3.5%- 4%, from the prior expectation of at least 3%. It increased the adjusted EPS guidance to $5.25 - $5.35 from the previous range of $5.00 - $5.15, above the analyst consensus of $5.12.

Capital spending is likely to range between $17.5 billion - $18.5 billion.

Price action: VZ shares traded higher by 1.69% at $56.52 in the premarket session on the last check Wednesday.