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Verizon Wireless as reported its service and retail revenues for the third quarter of the year, showing a strong performance across the board. The U.S.'s largest wireless carrier attained a 7.5 percent year-on-year growth in service revenues -- the money made through the cellular services it provides -- while retail revenues increased 7.9 percent year-on-year. Today's results follow a similarly strong performance in Q2.

The carrier says smartphone users contributed heavily to its earnings, noting that some 53 percent of its post-paid (contract) customers now used smart devices. Verizon continues to boast the country's largest 4G LTE network, which it says is now available to some 250 million people across the U.S.

"In the third quarter, Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year," said Lowell McAdam, Verizon chairman and CEO. "With our 4G LTE network advantage, well-received Share Everything Plans and unmatched product portfolio, Verizon Wireless continues to do an outstanding job of balancing growth and profitability. Wireless achieved record profitability in a quarter in which we reported the highest number of retail postpaid gross and net adds in four years."

Verizon will hold its quarterly earnings call later this morning.

Source: Verizon Wireless

 

Reader comments

Verizon Wireless reports third quarter revenues

10 Comments

ofcourse verizon made a bigger profit, there rates went way up this past year. higher than anyone else out there.

I feel so guilty. Obviously the unlimited data I won't give up is just killing them.
Seriously though I'm glad they are profitable because I love my signal and speed. It seems they could cut back on the profits a bit and give us a break though.
Well received share everything plans?

Well received, well forced? lol We all know they made more money this year. Its sad for the 4 lines I have its pretty close to what I pay a month for my car. Gouge more Verizon.

Frankly, I don't *need* a 2012 car. I was fine with an '04 with 50k miles that I paid cash for before it died on me a month ago.

My wife and I really do NEED our smartphones. Our jobs would be impossible without them.

Pity for them that I'm not renewing my contract in Jan. They have gotten way too expensive.

but you do get what you pay for, they have overall without a doubt the best network available, nobody can deny that. Sure they charge people a good chunk of money, but they do the right thing with that money and put it back into their network.

It's a joke really... Roughest economy in some time, and yet they're pulling record profits based on price gouging their customers. I mean, this isn't gasoline... you do have a choice. If you live in Southern Cali, and have Verizon.. I can vouch that YOUR. AN. IDIOT.

T-Mobile is fast in the Inland Empire. I can watch online video's with less than a second of loading, just about anywhere on my phone.

yes, but the world outside of socal does exist too, and Verizon's network thoroughly beats out the competition in most cases.