Verizon mobile data revenues grow 42.5 percent in Q3

Verizon Communications reported a 31 percent increase in third-quarter net income, galvanized by Verizon Wireless' 12.5 percent year-over-year revenue growth. The telecom giant posted net income of $1.67 billion, up from $1.27 billion a year earlier--Verizon Wireless added 2.1 million subscribers during Q3, increasing its customer total to 70.8 million. The mobile division reported a 12.5 percent increase in total revenues, including a 42.5 percent spike in data revenues--subscriber churn totaled 1.33 percent, with retail postpaid customers churning at 1.03 percent.

Verizon Wireless' ARPU increased year-over-year for the 10th consecutive quarter, growing to $52.18, up 0.9 percent over Q3 of 2007. Total data ARPU was up 28.3 percent, with Verizon boasting 52.6 million retail data customers in September, representing roughly three quarters of its retail base (a 25.3 percent increase over the previous year). Verizon Wireless subscribers sent or received more than 80 billion text messages during the third quarter, additionally transmitting 1.5 billion picture/video messages. Customers also completed 43 million music and video downloads.

Last week, Verizon Wireless said it still intends to follow through with its pending $28.1 billion acquisition of Alltel despite grim credit-market conditions. The deal promises to create the nation's largest wireless operator; AT&T, which currently holds the top spot, on Wednesday posted third quarter earnings of $3.2 billion, with profits rising approximately 5 percent on the strength of record postpaid subscriber additions, surging Apple iPhone 3G sales and mobile data revenue growth totaling 50.5 percent, buoyed by increases in mobile web access, messaging, email and related services.

For more on Verizon's third-quarter results:
-read this release

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