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Verizon (VZ) Rise Driven By Broadband And Wireless

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By Douglas A. McIntyre Updated Published
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Mot_2Wireless 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

Photo of Douglas A. McIntyre
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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