Can you hear Verizon now?

Forget the land line business, for it truly stinks. If you are interested in Verizon, just look at its wireless performance. The company is kicking some serious ass these days. It reported its latest quarter numbers and here is what you got, courtesy of Greg Gorbatenko over at Marquis Investment Research:

bq. With revenues up 21% (to $17.1 billion), VZW is dominating the wireless industry. Net adds were again stellar (1.4 million). It looks like VZ should garner more than 1/3 of the industry net adds this quarter, primarily driven by the industry leading churn rate of 1.6% all-in. Quite simply, VZ’s reputation for quality service is driving net adds, which is driving revenue, which is driving Verizon.

The company chalked up nearly 50% its revenues from Verizon Wireless – about $6.2 billion – and other growth areas. The local business is swirling down the toilet, DSL and Long Distance is doing so so! VZ added 345,000 new DSL lines. Sizzle! VZ should continue to bleed in wireline, exacerbated by VOIP coming down the pike. But wireless, well that’s the real story. It would be my pick over lousy SBC and Cingular any day.

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