Verizon Reports Third Quarter Results, Wireless Subscriptions Down

Paul Lilly

Verizon on Thursday released its third quarter earnings report, noting the addition of 997,000 total net customers to its wireless business. That's down from the 1.2 million customers it added in Q3 2009, and less than half the number of subscribers rival AT&T added during the quarter (2.6 million).

Of course, Apple has the iPhone while Verizon is entrenched in Google's Android platform. And despite not adding as many new subscribers as last year, Verizon announced a 6 percent increase in total revenues from 3Q 2009, 7.7 percent increase in service revenues, and a 26.3 percent increase in data revenues.

"Verizon built on a strong second quarter with a stronger third quarter, resulting in improved earnings performance and substantial cash flow," said Chairman and CEO Ivan Seidenberg. "We are building momentum and are on track to achieve our goal of growing earnings in the second half of the year. We are excited by the opportunities we see to expand wireline margins and the growth we see related to the upcoming launch of next-generation wireless services."

Verizon just recently secured a deal to sell Apple's iPad, and rumors continue to persist that a CDMA version of the iPhone is headed to Verizon sometime in 2011.

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