Feeds

Verizon closes in on Cingular

An $18 billion Q2

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Verizon booked $2.11bn of profit on revenues of $18.57bn in 2Q. As an added bonus, CEO Ivan Seidenberg didn't make any howlers - but then he left the talking to his CFO.

The $1.6bn sale of Verizon's Hawaiian business added $330m to the bottom line in the quarter ending June 30.

Verizon's jointly-owned mobile network, Verizon Wireless, took the credit for the quarter, adding 1.9m subscribers in the three months. The group saw revenue of $7.8bn, up 15 per cent on a year ago, and not far behind the wireline group, which, while still the largest part of Verizon, continues to slip.

Wireline has lost over half a million subscribers, or 5.5 per cent of its existing business. DSL and cable continue to grow, however, up 44 per cent from a year ago with 4.1m accounts signed up.

"We're growing vertically instead of horizontally," said CFO Doreen Toben.

Verizon Wireless now boasts 47.4m subscribers, just behind Cingular which reported its numbers last week. Cingular has 49.1m users, but Verizon can claim lower churn (1.01pc of retail postpaid) and ARPU of $49.42, a shade under the leader.

In a conference call, CEO Ivan Seidenberg credited the cellular growth to a refreshed plans and new handsets coming on stream.

Verizon hopes to wrap up the acquisition of MCI - the most tedious acquisition merger of the year - by the end of the year. ®

Related stories

Supreme Court wallops telcos with a large cableco favor
Our phones don't work - Verizon boss
Cingular's indigestion could be worse

Boost IT visibility and business value

More from The Register

next story
Scotland's BIG question: Will independence cost me my broadband?
They can take our lives, but they'll never take our SPECTRUM
Trying to sell your house? It'd better have KILLER mobile coverage
More NB than transport links to next-gen buyers - study
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
iWallet: No BONKING PLEASE, we're Apple
BLE-ding iPhones, not NFC bonkers, will drive trend - marketeers
NBN Co adds apartments to FTTP rollout
Commercial trial locations to go live in September
Samsung Z Tizen OS mobe is post-phoned – this time for good?
Russian launch for Sammy's non-droid knocked back
Telstra to KILL 2G network by end of 2016
GSM now stands for Grave-Seeking-Mobile network
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.