Earnings: Verizon Net Income Boosted By Wireless; Wireline Still Declining

image Verizon Communications (NYSE: VZ) reported third quarter earnings today of $1.67 billion or $0.59 diluted earnings per share on $24.7 billion in revenue. Net income was up 31 percent. Adjusted earnings per share was $0.66. Revenue was up 4.1 percent year on year, just above a poll of analysts by *Thomson Reuters* which had forecast revenue of $24.5 billion. The second largest telecommunications company behind AT&T (NYSE: T) wireless unit posted better than expected earnings–especially in light of AT&T’s boost from the iPhone–but the wireline business is still falling.

Wireline Highlights
Wireline operating revenues down: Wireline total operating revenues were $12.2 billion, 1.7 percent down compared with the third quarter 2007. Wireline data revenues which now represent 42.9 percent of total Wireline revenues — were $5.2 billion, an increase of 14.6 percent compared with the third quarter 2007. This includes revenues from consumer broadband services, wholesale data transport and Verizon Business data services.

FiOS TV/ FiOS Internet: Verizon reported 233,000 net new FiOS TV customers and 225,000 net new FiOS Internet customers. The company now has 1.6 million FIOS TV customers and 2.2 million FiOS Internet customers.

Consumer ARPU up: Consumer ARPU in legacy telecom markets was up 12.8 percent to $66.67. Consumer revenue was up 2.1 percent to $3.8 billion, while consumer broadband and video revenues grew 45 percent to $1.1 billion.

More wireless details on mocoNews.net.

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