Verizon boosts revenue, income on mobile and broadband growth

The company adds 549,000 retail mobile customes and 98,000 Fios broadband customers during the first quarter

Driven by growth in mobile and Fios broadband customers, Verizon Communications on Thursday reported first quarter 2014 revenue of $30.8 billion, up from $29.4 billion a year earlier.

Verizon reported net income of nearly $6 billion for the quarter, up from $4.9 billion a year earlier. Earnings per share were $1.15, up from $0.68 a year ago. Adjusted earnings per share were $0.84, while analysts expected $0.87.

Verizon Wireless added 549,000 retail customers during the quarter, bringing its retail customer numbers up to 103.3 million, a 4.4 percent increase from the first quarter of 2013.

Mobile revenue was $20.9 billion for the first quarter, up 6.9 percent from a year ago.

The company added 98,000 new Fios broadband customers and 57,000 new Fios television customers during the quarter, bringing the totals to 6.2 million Fios broadband and 5.3 million Fios TV customers. The number of Verizon's Fios broadband customers has increased 9.9 percent from a year ago, and Fios TV has increased 8.7 percent, the company said.

Including losses of DSL customers, Verizon's broadband customer numbers increased by 16,000 in the first quarter of 2014. The company now has 9 million broadband customers, a 1.5 percent increase from a year ago.

Wireline revenue was $9.8 billion for the quarter, down about $40 million from a year earlier.

On Feb. 21, Verizon closed its deal to buy Vodafone's 45 percent share in their mobile joint venture for $130 billion. After the deal, Verizon has "great confidence in our ability to sustain these strong results," Lowell McAdam, Verizon chairman and CEO, said in a statement.

The deal gives Verizon "full access to the very significant" cash flows of Verizon Wireless, Fran Shammo, Verizon's CFO said during a conference call. "We're off to a great start."

Grant Gross covers technology and telecom policy in the U.S. government for The IDG News Service. Follow Grant on Twitter at GrantGross. Grant's email address is grant_gross@idg.com.

Join the Good Gear Guide newsletter!

Error: Please check your email address.

Tags business issuesLowell McAdamFran Shammotelecommunicationfinancial resultsVerizon Communications

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Grant Gross

IDG News Service

Most Popular Reviews

Follow Us

Best Deals on GoodGearGuide

Shopping.com

Latest News Articles

Resources

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Latest Jobs

Shopping.com

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?