Verizon Communications reported a 15 percent increase in fourth-quarter profit, galvanized by the continued growth of its Verizon Wireless unit. Verizon posted net income of $1.24 billion, up from $1.07 billion in the fourth quarter of 2007--revenue grew 3.4 percent to $24.65 billion, with wireless revenues increasing 12.3 percent year-over-year to $12.8 billion. Full-year wireless revenues increased 12.4 percent to $49.3 billion.
In addition, Verizon Wireless reported retail net customer additions of 1.2 million, adding 5.8 million organic net new retail customers in 2008--at the end of Q4, the operator boasted 72.1 million total customers. Factoring in its recently completed acquisition of Alltel Wireless, Verizon Wireless now serves more than 80 million subscribers, excluding markets to be divested. The operator posted fourth quarter customer churn of 1.35 percent among all subscribers, and 1.05 percent among postpaid subscribers. Average monthly revenue per customer increased year-over-year for the 11th consecutive quarter to $51.72, up 1.4 percent over Q4 2007 figures--total data ARPU increased 27.9 percent over the same period.
According to Verizon, full-year mobile data revenues increased 44 percent over 2007--Q4 data revenues represented 26.8 percent of all service revenues, a 21.3 percent increase over year-ago totals. Verizon Wireless had 55.1 million retail data customers at year's end, translating to 79 percent of its retail customer base and a 16.8 percent increase over year-end 2007. More than 65 percent of its retail customers now own 3G broadband-capable devices. During the fourth quarter, Verizon subscribers sent or received more than 90 billion text messages, more than double the volume of texts sent in the same period a year ago. Customers also sent 1.8 billion picture/video messages and completed 50 million music and video downloads during the quarter.
For more on Verizon's Q4 results:
- read this release [1]
Related articles:
Verizon [2] mobile data revenues grow 42.5 percent in Q3
Verizon Wireless [3] adds full-length ABC series to V Cast
Verizon [4] expands programming agreement with CBS
Verizon [5] tunes up Pearl Jam mobile exclusive
Links:
[1] http://www.fiercewireless.com/press-releases/verizon-reports-sustained-revenue-growth-and-continued-strong-cash-flows-4q-and-full-
[2] http://www.fiercemobilecontent.com/story/verizon-mobile-data-revenues-grow-42-5-percent-q3/2008-10-27
[3] http://www.fiercemobilecontent.com/story/verizon-wireless-adds-full-length-abc-series-v-cast/2009-01-26
[4] http://www.fiercemobilecontent.com/story/verizon-expands-programming-agreement-cbs/2009-01-12
[5] http://www.fiercemobilecontent.com/story/verizon-tunes-pearl-jam-mobile-exclusive/2009-01-09