Verizon forecasts upbeat annual profit as wireless subscriber growth hits six-year high

Verizon forecast annual profit and free cash flow above market expectations on Friday, ⁠after aggressive promotions during peak holiday period fueled its highest quarterly wireless subscriber additions in six years.

Shares of the U.S. wireless carrier jumped 9.2% after the company unveiled a new ‌share buyback program – ‌its first in nearly six years – authorizing up to $25 billion in repurchases over the next three years.

In ‌the fourth quarter, telecom operators often rely on device promotions and bundled plans to poach customers looking to switch carriers amid peak phone-buying during Black Friday and Cyber Monday deals.