Verizon Slides on Unimpressive Earnings
Verizon Communications (NYSE:VZ) reported earnings Thursday morning, showing double-digit growth in adjusted earnings per share, which rose 14.1 percent to 73 cents from 64 cents in the second quarter of last year. Verizon is reporting strong growth in wireless customers, and it now offers 4G LTE network access to 301 million people across the U.S.
Verizon’s earnings beat analyst estimates of 72 cents. The company’s revenue grew 4.3 percent from the second quarter of 2012, up to $29.8 billion from $28.6 billion. Verizon’s $29.8-billion revenue was right in line with analyst estimates.
There were 6.4 million 4G LTE devices activated through the company in the second quarter, and Verizon’s 4G LTE network now reaches 500 markets in the U.S. Fifty-nine percent of the company’s total data traffic runs through its 4G LTE network. The wireless service saw an 8.3 percent year-over-year increase in revenue, and an addition of 941,000 postpaid wireless customers in the quarter. The company’s total postpaid customers is now 94.3 million.