US telecoms giant Verizon Communications has reported revenues of USD30.818 billion for the three months ended 31 March 2014, an increase of 4.8% year-on-year from USD29.420 billion. Of this figure, mobile unit Verizon Wireless generated sales of USD20.879 billion. Consolidated operating income for the first quarter was USD7.160 billion, up 15.1% from USD6.222 billion on an annualised basis. Net income for the January-March period totalled USD5.986 billion, up 23.3% from USD4.855 billion one year earlier.
In operational terms, mobile unit Verizon Wireless saw its retail subscriber base grow 4.4% to 103.3 million, including 97.3 million post-paid customers. The cellular unit added 549,000 retail customers on a net basis in the first quarter, including 539,000 net post-paid additions; as at 31 March smartphones constituted more than 72% of Verizon Wireless’ post-paid user base. In addition, during 1Q14 Verizon confirmed sales of 8.1 million Long Term Evolution (LTE)-suitable devices, for a total of 47.9 million, while 73% of the company’s total data traffic is now carried over its LTE network.
Lowell McAdam, Verizon chairman and CEO, commented: ‘Verizon has delivered double-digit earnings growth in eight of the past nine quarters, and in first-quarter 2014 we posted our strongest consolidated revenue growth in five quarters. With the [Verizon Wireless] transaction now behind us, we have great confidence in our ability to sustain these strong results. We are already seeing the expected earnings accretion from the transaction.’