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Investing

Verizon (VZ) Quarterly Earnings: Some Traction In TV

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By Douglas A. McIntyre Published
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Verizon’s (VZ) revenue rose 6% to $23.3 billion. Adjusted operating income was up 15% to 4.2 billion.

As expected, the company did well in its wireless business. Total wireless customers rose 13% to 52.1 million. The customer churn rate was below 1.1%.  But, the churn rate was up slightly and the rate at which the company added net new wireless customers dropped 26%!

The company’s wireless business shrank by 1% as the company loses customer to VoIP. Residential wireline revenue was off from $29.4 billion in the quarter a year ago to $26.3 billion this year.

The surprise was that Verizon is starting to show some life in its competition with the cable companies. Sales of FiOS TV continued to accelerate as Verizon Telecom added a net of 167,000 new FiOS TV customers in the second quarter 2007. Net customer additions averaged about 2,600 per business day in the quarter. The company had a total of 515,000 FiOS TV customers as of the end of the second quarter 2007 — an addition of 460,000 FiOS TV customers since the end of the second quarter 2006.

Now, if only FiOS revenue could start to offset landline losses.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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