Verizon Communications Posts 9.8% Jump in First Quarter Earnings

5:50 am on April 29, 2008 | Category: Business, Corporate, Wireless

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America’s second-largest telecom operator, Verizon Communications, reported a 9.8% increase in first-quarter earnings yesterday, as its wireless subscriber additions outpaced those of larger rival, AT&T Inc.

Verizon earned $1.64 billion, or $0.57/share, in the first three months of 2008, compared to $1.5 billion in the same period a year earlier. Revenue increased to $23.8 billion, up 5.5% from Q1/2007.

Verizon Wireless, a joint venture between Verizon and Britain’s Vodafone, added 1.5 million subscribers in the first quarter, while its chief rival, AT&T, added only 1.3 million. Verizon Wireless remains in second place in terms of total customer base, with 67.2 million cell phone subscribers at the end of March, compared to AT&T’s 71.4 million.

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