Verizon (VZ) reported earnings today, checking in with $24.8B in revenues and its usual billions of dollars of cashflow. Adjusted EPS of $0.66 seems to have been what the market was expecting. While the company didn't discuss the effects of the overall economy directly in their press release, no doubt they will say more at their CC later this morning. But for now, if we didn't already know the world was ending, it sure wouldn't be apparent from Verizon's earnings.
Wireless, of course, is the engine that drives the company right now, reaching 70.8M subscribers this quarter with revenues of $12.7B and with data revenues up 42% over last year. Wireline revenues declined slightly as they churn off landlines. DSL subscribers were down 96,000, but of course most of these migrated to FIOS.
Verizon FIOS gained 233,000 new customers, of whom apparently 225,000 bought TV service as part of the bundle. These uptake numbers are definitely starting to become relevant, and it can't really be denied that Verizon is already a real player in the TV space. After all, with 1.6M customers using their service they are already approaching the top 5 cable level. And the growth will only accelerate for a while to come. FIOS doesn't look so expensive nowadays, does it?
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