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Verizon boosts sub count in Q2

Mon, 07/28/2008 - 8:40am
Traci Patterson

Verizon Wireless had 1.5 million net customer additions in its second quarter of 2008, bringing the telco’s total wireless customers to 68.7 million (66.7 million of which are retail, or non-wholesale). According to Verizon, the additions are the “highest net adds in the industry.”

The telco also added 176,000 net FiOS TV customers in its second quarter, for a total of nearly 1.4 million FiOS TV customers. And Verizon added 187,000 net FiOS Internet subscribers in the quarter, making 2 million the total number of FiOS Internet subscribers.

The company’s total broadband connections were 8.3 million at the end of the quarter, marking a net increase of 54,000 over the first quarter of 2008. This includes a decrease of 133,000 DSL-based Verizon High-Speed Internet connections, which was more than offset by the increase in FiOS Internet customers, Verizon said.

Verizon's total operating revenues were $24.1 billion in the second quarter, marking a 3.7 percent increase compared with the second quarter of 2007. Total operating expenses increased 2.4 percent, to $19.6 billion, year-over-year. And operating income grew 9.6 percent, to $4.5 billion, compared with the second quarter of 2007.

Verizon Wireline’s total operating revenues were $12.1 billion, a 1.8 percent decrease compared with the second quarter of 2007. Wireline total operating expenses decreased 1.7 percent over the same period.

Verizon Business saw total revenues of $5.3 billion in the second quarter, an increase of 0.9 percent compared with last year's second quarter. 

"Verizon continued to grow in all key strategic areas in the second quarter, despite the economic headwinds," said Verizon Chairman and CEO Ivan Seidenberg. "Recent investments in wireless spectrum and in our FiOS network will help drive future growth opportunities. We expect additional opportunities for FiOS growth as we add major cities, such as New York.”

Total debt was $43.1 billion, compared with $35.8 billion at the end of the first quarter of 2008.  In the second quarter, the company made final payments of approximately $8.5 billion for licenses won in the Federal Communications Commission's (FCC) 700 MHz spectrum auction, and the telco also purchased $4.8 billion of Alltel Corp. debt in connection with the pending acquisition of Alltel.

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