Verizon released its first quarter earnings report today. The nation's largest carrier had revenue from January through March of $20.9 billion, which was 5.1% lower than what Big Red grossed a year earlier. Verizon blamed the decline on a drop in revenue received from overages, the cost of promoting the business, and a decline in the number of postpaid customers. Of the 307,000 postpaid customers that left the carrier during the three month period, 289,000 were phone-related customers which is the holy grail of the industry. Still, postpaid phone churn came in under .90% for the eighth consecutive quarter. 49,000 smartphones were added to its retail postpaid phone base.
During the first quarter, the amount of traffic on Verizon's LTE network rose 57% year-over-year. Operating income for the wireless sector amounted to $7.1 billion. Based on total revenue, operating margins were 33.9%. First quarter non-GAAP EBITDA came to $9.4 billion, a decrease of 7.5% year-over-year.
Things do look brighter for the near future. Back in February, the company re-introduced unlimited data and it "positively changed the trajectory of customer additions," according to Verizon. Since Verizon Unlimited was first offered to consumers
, the carrier has added 109,000 postpaid subscribers.