Verizon Q2 income rises on wireless, home Net

sales
Wireless giant Verizon Communications said Tuesday that increased
wireless contracts and home Net subscriptions helped drive the wirele
ss giant to its largest quarterly revenue growth in 18 months.
The company earned !." billion in net income #or the quarter$ vs. ".
" billion in the year%ago period. The improved earnings over last yea
r&s quarter re'ect Verizon earlier this year (nalizing the acquisition o#
the !)* sta+e in Verizon Wireless that it didn&t own #rom ,.-.%based V
oda#one #or 1./ billion.
0Verizon&s second%quarter results continue to demonstrate our ability t
o deliver strong customer growth$ with equally strong (nancial per#or
mance$ in a dynamic and competitive environment$0 said Chairman an
d C12 3owell 4c5dam$ in a statement. 0We have great momentum he
ading into the second hal# o# the year.0
5d6usted earnings per share o# 71 cents beat analysts& estimates o# 7/
cents. 8evenue also slightly outpaced e9pectations$ rising ).:* to .1.
) billion$ compared with estimates o# .1 billion.
Verizon&s stoc+ closed up /.;* to )/.78.
1arlier in the month$ Verizon announced that it had gained 1.! million
wireless customers over the quarter. Verizon Wireless maintained a re
latively low churn rate o# 1."* o# customers leaving its service< it now
has 1/!.; million devices connected to its networ+. Total revenues we
re "1.) billion in second quarter o# "/1!$ up :.)* year over year.
The average revenue per postpaid account rose !.:* #rom a year ago
to 1)7.:. per month.
Total revenues #or Verizon&s wireline business were 7.8 billion$ up /..
*$ the company&s (rst quarterly year%over%year increase in more than
seven years. 8evenue #rom Verizon&s (ber%optic networ+ rose 1!.!*$ t
o ..1 billion.
The company gained 1.7$/// =i2> Net connections and 1//$/// =i2>
video connections$ bringing its total subscriber base to ;.. million =i2
> ?nternet and ).! million =i2> Video connections at the end o# the se
cond quarter$ increases o# 7..* and :.;*.
The average revenue per user rose to 1"".):$ up 11* #rom a year ag
o.
While Verizon&s average revenue per wireless account #ell 6ust short o#
e9pectations$ its growth in =i2> Net and video subscriptions surpasse
d them #or a 0solid quarter$0 said @enni#er =ritzsche o# Wells =argo >ec
urities in a post%earnings release summary
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