There aren’t any big surprises in Verizon’s third quarter earnings report — just steady success.
The company announced today that it saw $30.3 billion in revenue in Q3, a 4.4 percent jump over last year. and it also saw a 30 percent increase in operating income at $7.1 billion. Wireless continues to drive the company forward, once again accounting for a third of its revenues (at $20.4 billion), and adding 1.1 million new customers.
It’s been a busy quarter for Verizon — in September, it bought up the rest of its stake in Verizon Wireless from Vodafone for $130 billion. Given the success of Verizon Wireless over the past year, the company’s timing couldn’t be any more perfect. The deal will let Verizon enjoy the spoils of its wireless division without having to share with a partner, and it also opens up the possibility for it to explore new types of service plans and other services.
Verizon had 101.2 million wireless connections by the end of the quarter, 95.2 million of which were on contract. The company says more than 67 percent of its wireless users were on smartphones, and claims its 4G LTE network covers more than 99 percent of its 3G network footprint.
The carrier sold more than 7.6 million smartphones during the quarter, 3.9 million of which were iPhones. But Verizon also said in its earnings call today that iPhones accounted for more than half of its activations in Q3, a sign that the carrier is seeing plenty of customers bringing iPhones from other sources.
Verizon is a global broadband and telecommunications company and a component of the Dow Jones Industrial Average. It started in 1983 as Bell Atlantic (based in Philadelphia) with a footprint... All Verizon news »
More: MobileBeat 2016 is focused on the paradigm shift from apps to AI, messaging, and chatbots. Don't miss this opportunity: July 12 and 13 in San Francisco.