Telecom Lead America: Verizon Communications has posted 3.9 percent increase in revenues to $29 billion in third quarter from $27.91 billion in the year-ago quarter.
Verizon Communications’ profit grew 16 percent to $1.59 billion from $1.37 billion in the year-ago quarter.
Growth drivers include higher revenue from its wireless business after it raised data pricing and started selling the latest Apple iPhone.
Capex of Verizon for nine months was $11.3 billion.
For 2012, capital expenditures are expected to be lower than 2011 capital expenditures of $16.2 billion.
Verizon’s 4G LTE service is now available to more than 250 million people in 419 markets across the U.S.
“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,” said Lowell McAdam, Verizon chairman and CEO.
Based on the strength of its FiOS fiber-optic network, Verizon reported the highest growth in U.S. consumer wireline revenues in 10 years.
Strategic services growth in Enterprise business helped offset weaker revenues caused by global economic challenges.
Service revenues in the quarter touched $16.2 billion, up 7.5 percent year over year.
Retail service revenues grew 7.9 percent year over year, to $15.5 billion.
The company had 95.9 million retail connections, a 5.7 percent increase year over year, including 90.4 million retail postpaid connections.
Verizon Wireless had 34.8 million retail postpaid accounts at the end of the third quarter, a 1.0 percent increase over the third quarter 2011.
Smartphones constituted more than 53 percent of Verizon Wireless’ retail postpaid customer phone base, up from 50 percent at the end of second-quarter 2012.