Verizon Communications Inc. (NYSE: VZ) reported its first-quarter financial results before the markets opened on Thursday. The company had $1.06 in earnings per share (EPS) on $32.2 billion in revenue. That compares to consensus estimates from Thomson Reuters that are calling for $1.06 in EPS on revenue of $32.46 billion. In the same period of last year, Verizon posted EPS of $1.02 in EPS on $31.98 billion in revenue.

It’s worth noting that new revenue streams from IoT (Internet of Things) are growing, with revenues of roughly $195 million in first-quarter 2016, a year-over-year increase of about 25%.

Earlier this month, Verizon also completed its sale of local landline businesses in California, Florida and Texas. The company used the proceeds to pay down debt in the second quarter. Additionally, this company recently announced plans to expand its video platform by adding unique content from Hearst and AwesomenessTV, and through a joint venture with Hearst to acquire Complex Media.

During this quarter Verizon reported 640,000 retail postpaid net additions in its Wireless segment. Keep in mind that this is a seasonally low-volume quarter. These net adds exclude all wholesale connections, including IoT.

At the same time, Verizon added 98,000 net new Fios internet connections and 36,000 net new Fios video connections in its Wireline segment. Total Fios revenues grew 5.0%, to $3.5 billion.

Lowell McAdam, chairman and CEO of Verizon, commented:

Verizon’s strong first-quarter results demonstrate our capacity to compete effectively, while executing on our plan of continued network leadership and seeding new growth markets in mobile video and the Internet of Things.

Cash flows in the first quarter from operating activities were $7.4 billion. On the books, cash and cash equivalents totaled $5.85 billion at the end of the quarter, compared to $4.47 billion in the same period from last year.

Shares of Verizon closed Wednesday down 0.6% at $51.75, with a consensus analyst price target of $52.07 and a 52-week trading range of $38.06 to $54.49. Following the release of the earnings report, the stock was down 2.4% at $50.52 in early trading indications Thursday.

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