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Verizon posts $5.07 billion profit for fourth quarter

Jan. 22, 2014 @ 07:25 AM

NEW YORK — Verizon post­ed fourth-quarter net income of $5.07 billion, boosted by con­tinued growth in the number of phones and tablets connected to its network.

The largest U.S. cellphone carrier reported increases in both the number connected devices and its wireless sub­scriber population. Its results reported Tuesday beat Wall Street predictions.

New York-based Verizon said overall service revenue rose 8 percent to $17.7 billion.

The company added 1.7 mil­lion net retail wireless connec­tions during the quarter, exclud­ing acquisitions and adjust­ments. Of that total, 1.6 million were connections that involved monthly service contracts.

As of Dec. 31, Verizon had a total of 102.8 million retail connections, marking a 5 per­cent increase over the same time a year ago. The 2013 total included 96.8 million connec­tions with monthly contracts.

Verizon’s overall population of retail wireless subscribers increased 4.5 percent to 35.1 million, with each customer having an average of 2.8 con­nected devices.

The company’s wireline divi­sion, which provides landlines along with the company’s FIOS internet and TV services, also saw growth. Consumer rev­enues at that division rose 6 percent to $3.8 billion, as FIOS­related consumer revenue jumped 15 percent to nearly $2.8 billion.

For the quarter ended Dec. 31, Verizon’s profit amounted to $1.76 per share. The com­pany lost $4.23 billion, or $1.48 per share, in the year-ago peri­od. Excluding one-time items, the company said it posted an adjusted profit of 66 cents per share. Revenue rose 3 percent to $31.07 billion from $30.05 bi l l ion .
 

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