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Verizon (VZ) Rise Driven By Broadband And Wireless
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Wireless and broadband sales drove a strong quarterly performance for Verizon (VZ) EPS rose to $.66 from $.58 in the same period a year ago.
The company added 1.5 million new wireless subscribers to hit 68.7 million and subscriber churn dropped to 1.12%.
VZ also picked up 176,000 new FiOS fiber-to-the-home TV/broadband/voice customers, bad news for competing cable companies.
Verizon’s total operating revenues grew to $24.1 billion in the second quarter 2008, a 3.7 percent increase compared with the second quarter 2007. Verizon’s operating income grew 9.6 percent to $4.5 billion.
Wireless continued its double-digit revenue growth, with total revenues of $12.1 billion, up 11.8 percent year over year.
The 176,000 net new FiOS TV customers raised the company’s total to nearly 1.4 million FiOS TV customers as of the end of the quarter.
Comcast (CMCSA) and Time Warner Cable (TWC) has to be sweating a little.
Douglas A. McIntyre
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