Verizon Revenue up on Mobile, Broadband Growth

From PC World: Verizon Communications posted revenue and net income gains for the first quarter of 2012, with mobile and broadband customer additions driving the numbers.

Verizon on Thursday reported revenue of US$28.2 billion for the first quarter, up 4.6 percent from the first quarter of 2011. Net income was $3.9 billion, up 19.7 percent, with $1.7 billion of the net income attributable to Verizon, and the rest to Verizon Wireless partner Vodafone. Net income attributable to Verizon was up 17.2 percent from a year ago.

Verizon reported a 21.1 percent increase in mobile data revenue, compared to the first quarter of 2011 and an increase of 734,000 retail mobile customers during the quarter. The company also reported additions of 193,000 Fios broadband customers and 180,000 Fios television customers.

Verizon Wireless produced "both great growth and great margins," Lowell McAdam, Verizon chairman and CEO, said in a statement.

Earnings per share for Verizon's cut of the net income was $0.59, beating analyst estimates of $0.58.

The company's mobile service revenue was $15.4 billion for the quarter, up 7.7 percent from the first quarter of 2011. Mobile data revenue was $6.6 billion. Forty-seven percent of Verizon's mobile customers have smartphone plans, up from 43.5 percent at the end of the fourth quarter of 2011.

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