Telecom giant Verizon (VZ) shared its third-quarter earnings on Friday. Verizon, the largest U.S. cellphone carrier in terms of subscribers, reported $5 billion in net income, a 23% decrease from last year.

The company recorded $1.17 in earnings per share, falling short compared to $1.55 in the third quarter of 2021.

The company said it gained a meager 8,000 phone connections in postpaid billing plans in the September quarter, after previously hiking its prices.

Its competitor, AT&T, on Thursday, said it had gained 708,000 connections in that category over the same period.

"We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there's still more work to be done," Hans Vestberg, Verizon's CEO and chairman said in a statement Friday.

Following the latest earnings results, the company looks set to cut costs.

Executives said the measures will help save the carrier $2 billion to $3 billion annually by 2025. The company, however, did not offer specifics and whether, or if any jobs would be affected.

Despite a tough quarter, the company saw profitability in its core wireless business. Last year, Verizon acquired prepaid wireless provider Tracfone, which drove a 10% jump in wireless service revenue in the latest quarter.

"We can continue to bring customers in and step them up to grow revenue," Matt Ellis, Verizon's CFO and executive vice president told the Wall Street Journal.

He added that the company is focused on improving its services and that Verizon's pricing decisions are tied to that.

"If there's opportunities to increase pricing, we obviously won't be shy about doing that."

Shares of Verizon on Friday stood at $35.33, down $1.67, or 4.52%, as of 03:07 pm ET.