Verizon Revenue Up, While Wireless Unit Gains Another 1.5M Customers
Verizon's Q3 earnings figures show overall revenue growth of 4.3 percent for the company, as well as the addition of some 1.5 million new customers, the company reported on Oct. 21.Verizon Communications brought in $31.59 billion in revenue in the third quarter of 2014, ending Sept. 30, up 4.3 percent from the $30.3 billion posted in the same quarter one year ago, while its wireless unit captured another 1.5 million customers who will add more revenue to the company's bottom line. Quarterly profit for Verizon came in at $3.7 billion, compared with $2.23 billion that was posted for the same quarter one year ago, according to figures released by Verizon in its third-quarter earnings report on Oct. 21. Revenue per share was 89 cents in the latest quarter, compared with 78 cents per share one year ago. A key highlight for the company's Verizon Wireless unit is the addition of 1.5 million customers with a churn rate of 1 percent, giving the company a total of 106.2 million service customers, according to the figures. In addition, Verizon's wired phone services revenue grew to $9.6 billion in the quarter, including consumer revenue of $3.9 billion, up 4.5 percent compared with the same quarter in 2013. FiOS revenue also increased by 13.4 percent in the quarter compared with one year ago, with the addition of 162,000 FiOS Internet and 114,000 FiOS Video customers, according to the figures.
"We have great confidence heading into the fourth quarter, as Verizon continues to deliver consistently strong operating and financial results," Chairman and CEO Lowell McAdam said in a statement. "We see continued, healthy customer demand for wireless and broadband services, and we are encouraged by the growth we are starting to see in the areas of video delivery and machine-to-machine. Our cash generation remains strong, and last month we were pleased to announce board approval of a quarterly dividend increase for the eighth consecutive year."