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Verizon 2nd quarter earnings: 1.4 million net adds

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Verizon 2nd quarter earnings: 1.4 million net adds
Earnings are up, revenues are up, and customers are up. That pretty much summarizes the second quarter earnings statement issued by Verizon this morning.

Not only are wireless customers and revenues up, but wireline operations posted growth too, in legacy as well as FiOS customer growth with over 200,000 net additions.

Wireless as expected posted the most impressive numbers however. Big Red capped its sixth consecutive quarter of good news with 1.4 million net added retail connections, and an admirably low postpaid churn of just 0.94%.

The mobile additions breakdown as 304,000 postpaid net adds, and 1.15 million tablets. 75% of phone sales are smartphones. That fueled growth of average revenue per account to increase 4.7% to approximately $160 per-month. Those gains have an air of modesty to them, but still commendable given the saturation of the market, and the competition being put up by the likes of T-Mobile and AT&T.

Verizon now boasts a customer base of 104.6 million subscribers, of which, 98.6 million are postpaid. Couple that with the news that Verizon also has the highest number of customers paying over $100 per month for service, roughly 51%, and it becomes easier to add up the wireless revenues which reached about $18.1 billion for the quarter, up 6% compared to the same period last year.

Verizon maintained its guidance for the remainder of the year.

source: Verizon
+- Press Release

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