Feeds

Verizon profits pumped 15 per cent

Data packages drown American sorrows

Build a business case: developing custom apps

Profits at Verizon Communications jumped 15 per cent in the fourth quarter as folks continue to numb their sorrows about the troubled economy with television, the internet, and wireless communications.

For the final three months of 2008, Verizon posted net income of $1.24bn compared to $1.07bn in the same period last year.

Revenue rose 3.4 per cent to $24.65bn.

In the wireless business, sales increased to $12.85bn from $11.44bn year-over-year. The revenue gain was boosted by customers spending more on data services for their mobiles such as text messaging, email, and internet browsing.

The average Verizon wireless subscriber spent $51.72 per month during the quarter. That was a small decline sequentially, from $52.18, but up year-over-year.

Verizon Wireless added 1.4 million subscribers during the quarter, down from 1.5 million added the previous quarter. More than 65 per cent of its retail customers now own 3G handsets, according to Verizon – which means more money spent on expensive data plans.

The company said it now has more than 80 million wireless customers total.

In the wireline biz, Verizon earned $11.9bn total. The company added 303,000 fiber-optic TV customers during the quarter and 282,000 fiber-optic internet customers, the highest-ever for the company.

Wireline data revenues represented 43.6 per cent of the operation's total earnings.

For the full year, Verizon's net income was $6.43bn, up from $5.52bn in the previous year. Revenue was up 4.2 per cent to $97.4bn compared to 2007. ®

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
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.
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.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.