Verizon is rallying after saying it added a bunch of new subscribers (VZ)

lowell mcadam verizon

Verizon is up 6.22% following its second quarter earnings report.

The telecom giant reported net income of $4.36 billion, up more than 500% year-over-year thanks to its acquisition of Yahoo's core business. Wall Street was expecting net income of $3.794 billion for the quarter.

"Verizon reignited its growth engine in the quarter, both adding and retaining wireless customers while scaling our media business and continuing to invest in our superior networks," CEO Lowell McAdam, said in a news release.

Verizon was in line for adjusted earnings, reporting $0.96 per share which matched Wall Street's expectations. The company beat revenue expectations, bringing in $30.54 billion compared to expectations of $29.91 billion.

This was the first full quarter Verizon offered unlimited data plans. The company said millions have switched to the plans since its launch. The company added 614,000 monthly subscribers in the quarter, much higher than Wall Street's estimates of 70,000.

Shares of Verizon are down 14.75% this year.