Verizon Wireless Reports Higher Earnings

By Carmen Nobel  |  Posted 2003-04-22 Print this article Print

The wireless carrier posted 1Q revenue of $5.09 billion, up from $4.43 billion in the same period last year.

Attributing customer growth, Verizon Wireless on Tuesday reported significantly higher first-quarter earnings from last year. The Bedminster, N.J., wireless carrier posted a first-quarter revenue of $5.09 billion, up from $4.43 billion in the same period last year, according to officials at Verizon Communications Inc., which is one of its parent companies. Verizon Wireless, the largest wireless carrier in the United States, is co-owned by Verizon and British carrier Vodafone Group Plc. Total customers grew 12.6 percent from the previous year to 33.3 million. Of the companys 833,000 new customers in the quarter, 755,000 were from retail operations; 6,000 were from property acquisitions; and 72,000 were from reseller operations, officials said.
The company increased its operating cash flow to $1.8 billion from $1.56 billion in the same period last year.
Meanwhile, competitor Sprint PCS Group on Monday posted a loss of $182 million, or 18 cents per share, compared with a loss of $146 million, or 15 cents per share, in 2002. Revenues rose slightly to $2.95 billion, up from $2.85 billion in the first quarter of 2002, according to officials at Sprint Corp. in Overland Park, Kansas. Operating income was $140 million, compared with $113 million for the same quarter last year. The company added 199,000 customers to its total subscriber base for the quarter. Latest Wireless News:
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