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