Verizon stock down more than 6%, hits 52-week low

Yahoo Finance's Akiko Fujita breaks down the move lower in Verizon stock after the company reported third-quarter earnings.

Video transcript

- Well, it's time, now, for our trending ticker. And we are seeing weaker than expected subscriber numbers weighing on shares of Verizon. That stock is down more than 6%, hitting a 52-week low today. The largest wireless carrier added just 8,000 monthly subscribers in the most recent quarter as competitors offered aggressive promotions to take away market share.

That prompted Verizon to offer its own discounts and introduce low-cost mobile phone service and internet plans. Here's what CEO Hans Vestberg had to say on "Customer Churn" this morning.

HANS VESTBERG: We took a deliberate decision in the second quarter to do price adjustment in certain consumer segments. And we knew that we would have a sharing bubble. So that was sort of an expected and very deliberate decision we took. And it was important for us to also do that. Because our industry has not done price adjustments on wireless ever.

So this was the time to do it. We did it for certain segments. So that will ease over over time. So I think that's a very important message.

- Broadband proved to be a bright spot for the quarter for Verizon. The company added another 342,000 wireless home internet customers in the quarter.