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Verizon’s Q2 Earnings Report

July 31, 2007 in Wireless Industry News

Verizon Comunications just reported its second quarter results for 2007. Wireless did well as expected, but the company lost quite a few broadband customers.

Verizon's 2007 Second Quarter earnings.

Verizon’s second quarter earnings report.

The high points of the earnings report:

  • Verizon Wireless gained 1.6 million customers, but lost 300,000 after (heh heh) Amp’d Mobile went bankrupt. (AT&T in the same period scored 1.5 million)
  • Revenues were up 6.3%.
  • Customers spent an average of $57.47 per month, up 11%, mainly due to the FiOS fiber optic service.
  • The FiOS unit gained 203,000 new subscribers, more than Verizon’s DSL internet service unit.

And the low points:

  • Verizon acquired Rural Cellular, a GSM carrier, paying a 40% premium over the current stock price.
  • The iPhone caused “an impact” with some customers porting numbers over to rival AT&T
  • Landline revenue fell 1.1%
  • In total, the number of broadband subscribers fell 35% from last year.

The bad news centered around the sudden decrease in broadband customers which was not confined to only Verizon (AT&T and Comcast reported similar losses).

Verizon’s purchase of Rural Cellular was a little odd, too – the company plans to take the 700k GSM subscribers and turn them into CDMA customers.

All in all, it wasn’t a bad quarter – Verizon’s numbers matched analysts’ estimates. While the company’s stock initially fell by 1.2%, it managed to bounce back with a vengeance today.

Source: “Verizon Profit Rises; Broadband Growth Shows 35% Decline” – IBD


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