Menu
Verizon's mobile and broadband growth drive higher revenue in Q3

Verizon's mobile and broadband growth drive higher revenue in Q3

The company posted a 4.4 percent increase in revenue and 30 percent increase in net income

Verizon Communications' profit and sales rose in the third quarter of 2013, with the growth driven by higher mobile and broadband numbers.

The company said on Thursday that it posted a 4.4 percent increase in revenue and a 30 percent increase in net income compared with 2012's third quarter.

Revenue came in at US$30.3 billion for the quarter ended Sept. 30, and net income was $5.6 billion. Earnings per share grew 39.3 percent to $0.78.

On a pro forma, adjusted basis, earnings per share were $0.77, up 20.3 percent year-on-year and topping analyst consensus estimates by 3 cents.

Verizon added 1.1 million mobile customers and 173,000 Fios broadband customers during the quarter.

"Our third-quarter results were very strong, showing consistent performance in all our key strategic growth areas," Fran Shammo, Verizon's CFO, said during a conference call.

Mobile revenue was $20.4 billion for the third quarter, up 7.2 percent year over year. At the end of the third quarter, Verizon had 101.2 million retail mobile connections, a 5.5 percent increase from the third quarter of 2012.

In September, Verizon announced plans to purchase Vodafone Group's 45 percent stake in its Verizon Wireless subsidiary for $130 billion. The company will finance the deal through a $49 billion debt offering and an agreement for up to $12 billion in loans.

In Verizon's wireline division, the company posted revenue of $9.8 billion, down from $9.9 billion a year ago. Consumer revenue was $3.7 billion, up 4.3 percent, but the company has challenges in its enterprise markets, particularly with cuts in U.S. government spending, Shammo said.

Fios revenue grew 13.4 percent to $2.8 billion. In addition to the Fios broadband customer additions, Verizon's Fios TV service added 135,000 customers during the quarter. Net broadband growth for the quarter was 56,000, with declines in DSL subscribers partially offsetting Fios growth.

Verizon had nearly 9 million broadband customers at the end of the third quarter, up 2.6 percent from a year ago.

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.


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags business issuestelecommunicationfinancial resultsVerizon CommunicationsFran Shammo

Featured

Slideshows

Looking back at the top 15 M&A deals in NZ during 2017

Looking back at the top 15 M&A deals in NZ during 2017

In 2017, merger and acquisitions fever reached new heights in New Zealand, with a host of big name deals dominating the headlines. Reseller News recaps the most important transactions of the Kiwi channel during the past 12 months.

Looking back at the top 15 M&A deals in NZ during 2017
Kiwi channel closes 2017 with After Hours

Kiwi channel closes 2017 with After Hours

The channel in New Zealand came together to celebrate the close of 2017, as the final After Hours played out in front of a bumper Auckland crowd.

Kiwi channel closes 2017 with After Hours
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Show Comments