Verizon has best quarter since 2008, thanks largely to iPhones and LTE

Hot on the heels of AT&T's happy earnings tidbits yesterday, VZW's latest figures also show that it's raking the money in nice and regular. Total operating revenues in Q2 were $27.5 billion -- that's up half a billion on Q1 2011 and 6.3 percent on Q2 2010 (on a non-GAAP basis). The Big Red claims 2.2 million net additions to its wireless customer base, contributing to a 6.6 percent year-on-year increase in wireless service revenues and a 22.2 percent increase in wireless data revenues.

Company execs were especially pleased with the sale of 2.3 million iPhones during the spring, despite the iPhone 5 "being delayed by more than a quarter." Unfortunately they didn't clarify whether the next iPhone was really delayed, or just likely to arrive later than they expected. LTE phones and dongles also proved popular, shifting 1.2 million units and helping to boost Verizon's average revenue per unit. Together, LTE and iPhone devices accounted for 69 percent of new additions. Chairman and CEO Ivan Seidenberg summed it all up as "one of Verizon's best quarters since the 2008 economic downturn." You'll find the full earnings report after the break.

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Verizon has best quarter since 2008, thanks largely to iPhones and LTE originally appeared on Engadget on Fri, 22 Jul 2011 08:23:00 EDT. Please see our terms for use of feeds.

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