Verizon reports strong financial results for second quarter

Verizon announced financial results for the second quarter today and things are looking good for the carrier. Verizon experienced double-digit percentage growth in year-over-year earnings and they had strong cash flow results. Earnings per share for the second quarter came up to $1.04 per share, a 14.3 percent increase compared to last year’s 91 cents per share for the same period.

According to Chairman and CEO Lowell McAdam,

“Verizon has delivered another quarter of strong financial and operational results, based on consistent network reliability and superior value that continues to attract new customers. In the second quarter, we again balanced quality Verizon Wireless connections growth with low churn and profitability, and we announced and completed our acquisition of AOL. We’re now poised to offer customers exciting new over-the-top (OTT) mobile video services, and we look forward to a very positive second half of 2015.”

For the Verizon Wireless division, the company reported that 73 percent of their postpaid connections are 4G devices and the LTE network is handling about 87 percent of all wireless data traffic. Verizon says this is about double what it was one year ago. In total, Verizon has close to 62 million 4G smartphones in the hands of its customers. Verizon also reported they only experience 0.90 percent churn during the second quarter, which was the carrier’s lowest rate in three years. Low churn is considered a sign of customer loyalty. The company says their network densification plan is on schedule.

For customers on Verizon, strong financial results like this mean the carrier can take a slower approach to implementing some of the changes in the industry being pushed by smaller carriers like T-Mobile and Sprint.

source: Verizon

Come comment on this article: Verizon reports strong financial results for second quarter