Verizon sees revenue, net income gains

Growth in mobile revenue, including mobile data revenue, drives the company's increases

Verizon Communications reported gains in both revenue and net income for the third quarter of 2011, driven largely by growth in the company's mobile business.

Verizon on Friday reported revenue of US$27.9 billion for the third quarter, up 5.4 percent from the third quarter of 2010. Net income was $3.5 billion, up from $2.7 billion a year earlier. Adjusted earnings per share were $0.56, beating analyst expectations of $0.55.

Revenue for Verizon Wireless was $17.7 billion for the quarter, up from $16.3 billion, or by 9.1 percent, in the third quarter of 2010. Mobile data revenue was $6.1 billion, up 20.5 percent from the year earlier.

Verizon Wireless added 1.3 million connections during the quarter, bringing the company's total number of mobile customers to 107.7 million.

On the wireline side, Verizon reported revenue of $10.1 billion, a decline of 1.3 percent. Rain storms in the eastern U.S. during the quarter led to significant network repair requests and a two-week strike caused delays in some broadband and enterprise deployments, Verizon officials said. The cost of the storms and the strike totalled $250 million, Verizon said.

Verizon added 138,000 FiOS fiber-based broadband connections during the quarter, along with 131,000 FiOS TV customers. The company expects to add 200,000 FiOS broadband and another 200,000 FiOS TV customers during the fourth quarter, as the company clears a backlog caused by the storms and the strike, it said.

The company had 20,000 net additions of broadband customers during the quarter, with DSL losses offsetting most FiOS gains. The company now has 8.6 million broadband customers, up 2.8 percent from a year ago.

Through three quarters of 2011, Verizon has reported net income of $10.4 billion, compared to $10.2 billion for the entire year of 2010.

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 e-mail address is grant_gross@idg.com.

Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuestelecommunicationfinancial 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
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?