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Verizon’s revenue rises on wireless

NEW YORK — Verizon reported a 26 percent rise in second-quarter revenue Tuesday based on strong growth in its wireless business, but said earnings fell on costs related to its acquisition of MCI.

Net income fell to $1.6 billion, or 55 cents per share, from $2.1 billion, or 75 cents, in the year-earlier quarter, which excludes MCI’s results but includes a special gain from the sale of operations in Hawaii.
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Revenue rose to $22.7 billion from $18.1 billion.

Excluding special items, Verizon earned 64 cents a share. Analysts had expected 62 cents on revenue of $22.82 billion.

Verizon, like most other telecommunications companies, is increasingly dependent on wireless and Internet services for growth as more customers switch to cell phones and cable television providers’ telephone services.

Verizon’s joint venture with Vodafone Group, Verizon Wireless, said in July that it added 1.8 million net retail customers in the second quarter.

Verizon Wireless revenue grew 18 percent in the second quarter from a year earlier, to $9.3 billion.

Verizon, which bought long-distance operator MCI in January, has said it wants to eventually gain full control of Verizon Wireless by buying Vodafone’s stake.

Verizon has also been expanding its “FiOS” fiber-optic network to deliver high-speed Internet and video services to customers.

But investors have been concerned about the cost of deploying FiOS, and the company’s shares are down 1.2 percent from a year ago even after a recovery in the past few months. They closed at $33.82 on Monday.

Fuente: CNN, con información de Reuters

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