Verizon Revenue up Slightly in Third Quarter

From PC World: Verizon Communications reported revenue of US $27.3 billion for the third quarter of 2009, up 10.2 percent from a year earlier, but up only 0.6 percent if revenue from the January acquisition of competitor AllTel is taken out.

Verizon's net income for the quarter was $2.9 billion, down from $3.2 billion in the third quarter of 2008. Adjusted earnings per share were $0.60, beating analyst expectations of $0.59, according to Thomson Reuters.

Gains in the quarter were largely driven by growth in mobile customers and subscribers for Verizon's Fios fiber-based broadband and television service. Verizon CEO and Chairman Ivan Seidenberg cited free cash-flow growth that is 16 percent higher in 2009 than in 2008 as a highlight of the quarter.

Free cash flow for the quarter was $10.7 billion, up by $3.3 billion from the third quarter of 2008.

"Verizon continues to generate strong cash flow, which we have used in building the foundation for sustainable, long-term share-owner value," he said in a statement. "Even through the worst of the recession, we have continued to raise our dividend and to add new customers, expand markets and grow revenues based on the power and innovation of Verizon's wireless, broadband and global networks."

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