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

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

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

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Ada Chan

Dynabook Portégé X30L-G

I highly recommend the Dynabook Portégé® X30L-G notebook for everyday business use, it is a benchmark setting notebook of its generation in the lightweight category.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?