Verizon's mobile and Fios drive revenue growth

The company reports revenue growth of 4.3 percent and net income growth of 23 percent

Verizon Communications has reported a revenue increase of 4.3 percent for the second quarter of 2013, compared to a year ago, with mobile and Fios broadband customers additions driving the growth.

Verizon on Tuesday reported a net increase of 1 million mobile customers and 161,000 Fios broadband customers during the quarter.

The company reported revenue of US$29.8 billion in the second quarter. Net income for the quarter was $5.2 billion, up 21 percent from the $4.3 billion Verizon reported in the second quarter of 2012.

Adjusted earnings per share were $0.73, beating analyst estimates by one cent.

Verizon pointed to mobile and broadband growth as a cause for a strong quarter. "We are executing well in these key areas," Fran Shammo, Verizon's CFO, said during a conference call.

Mobile revenue was $20 billion in the second quarter of 2013, up 7.5 percent from $18.6 billion during the second quarter of 2012. At the end of the second quarter, the company had 100.1 million wireless retail customers, a 6.3 percent increase in the past year.

In broadband, Verizon added 161,000 Fios Internet customers and 140,000 Fios TV customers in the second quarter. Verizon had 5.8 million Fios Internet and 5 million Fios TV customers at the end of the quarter, representing year-over-year increases of more than 12 percent for each service.

Verizon reported 8.9 million broadband customers at the end of the second quarter, a 1.9 percent increase from a year ago. With DSL losses partially offsetting Fios gains, Verizon added 45,000 broadband customers during the quarter.

Verizon's wireline division posted revenue of $9.7 billion during the quarter, down from $9.9 billion in the second quarter of 2012.

Consumer revenue grew, however, with Verizon reporting $3.6 billion, an increase of 4.7 percent from the second quarter of 2012. Fios revenue grew 14.7 percent, to $2.7 billion.

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Tags business issuesFran Shammotelecommunicationfinancial resultsVerizon Communications

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