When does a struggling economy mean financial success? When you’re Verizon and your wireless and broadband divisions are raking in the cash, that’s when.
Verizon has just posted some positive financial reports that has the telecommunications giant growing its quarterly earnings by 15% in Q4 2008, reflecting $1.24 billion in net income off of $24.6 billion in total revenue. Verizon’s revenue just barely missed analysts’ predictions that had Verizon’s earnings hitting $24.76 billion in the most recent quarter.
Verizon’s wireless arm posted an impressive 12.3% year-on-year growth in Q4 revenue, with $12.8 billion filling Verizon Wireless’s coffers. Data revenue grew an astonishing 41.4% to bring $3 billion in to the company. Total data ARPU (average revenue per user) grew 27.9% to $13.86, underpinning Verizon Wireless’s growth in total service ARPU of 4.1% YoY to $51.72.
While the rest of the mobile world in struggling to break even, it seems Verizon is flush with cash. Well done, Big Red, well done.
[Via: MocoNews]