Jul 18 2013, 9:31am CDT | by Sumayah Aamir
Earnings at Verizon Wireless spiked at a whopping $2.25 billion. These were more than the marginal goal set for the quarter. It was way ahead of the $1.83 billion raked in last quarter. Verizon gained 21% more profits in Q2 2013 that excludes one-time pension benefit. Over 941,000 subscribers were added to the list of those using Verizon’s services, making it close to the millionth mark. Verizon’s boat is afloat and lapping up the waves. Indeed, these are good times to be working for the wireless giant. Many are attracted by the LTE technology service. This is available on the Nokia Lumia 928 and the Blackberry Q10. Verizon’s subscribers have given it a fillip that has increased profits by 14%. Almost 4 million iPhones were activated during the second quarter. Unlike Nokia, Verizon’s financial report is a series of All A’s.
Verizon chairman and CEO, Lowell McAdam, said that “Verizon’s consistent strategic investments in wireless, FiOS and global networks drove strong financial performance in the first half of 2013.” Verizon gained 78 cents per share profit in EPS in Q2 2013. A 5 cent/share non-cash, non-operational profit is also reported for its pension plans. Total operating revenues of Q2 see a 4.3% increase from previous one. The revenue gained is $29.8 billion. 16% increase in Operating income is reported with an amount of $6.6 billion.
Verizon splits its profits annually with Vodafone which owns almost half the stakes in the company. Verizon LTE technology is a reliable service in 50 states of the US. It extends up to 500 market niches and includes 95% of America’s population pyramid. Verizon also has plans to start a financing program termed Edge. Details regarding this new venture were withheld though. The prosperity and profits at Verizon showed the mirror to Wall Street analysts. It proved once and for all that Verizon has a few surprises up it sleeves. In other words, a few losses are worth it in the short term, if you reap the rewards in the long run.
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