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Verizon posts 15% increase in operating profit

Verizon Wireless has posted a 4.8 year on year increase in revenue for 1Q14, as well as a 15.1 per cent increase in operating income

US operator Verizon Communications has posted a 4.8 per cent year on year increase in revenue for 1Q14, as well as a 15.1 per cent increase in operating income.

The operator’s revenue for the quarter totalled $30.8bn which it attributed to growth in wireless and FiOS triple play fibre service. Verizon said the quarterly revenue growth was its highest for five years. Operating income grew to stand at $7.2bn, which was achieved by continued effective cost control, saidVerizon.

The operator’s wireless unit saw a 7.5 per cent year on year increase in service revenues and a 6.7 per cent year on year increase in retail service revenues. The operator added 549,000 net retail connections and reported a postpaid churn of 1.07 per cent.

The wireline unit saw a 6.2 per cent year on year increase in consumer revenues and consumer ARPU grew 11.3 per cent year on year. It also saw a 15.5 per cent year on year increase in FiOS revenues.

“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,” said Lowell McAdam, Verizon chairman and CEO. “With the wireless transaction now behind us, we have great confidence in our ability to sustain these strong results.”

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