US phone carrier Verizon Wireless has posted its Q1 2012 earnings that closely beat analysts’ expectations. Verizon Wireless outlined a profit of $0.59 per share, up about 16% over the same quarter last year and $0.01 above Wall Street’s consensus.
Verizon revenue grew by 4.6% year over year to $28.2 billion. Verizon revealed that it added 734,000 wireless customers, Verizon data revenues jumped 21.1 percent. Overall, Verizon now has 93 million wireless customers.
Furthermore the firm sold 6.3 million Smartphones in the first quarter, and 72 percent of contract customers went for Smartphones. Remarkably Verizon says it sold 2.9 million 4G LTE devices this year. Its LTE network now covers more than two-thirds of the U.S. Population in 230 markets. The company added 193,000 FiOS connections and 180,000 FiOS Video additions and now serves a total of more than 5 million FiOS Internet customers.
“Verizon delivered double-digit earnings growth and strong cash flow this quarter,” said Lowell McAdam, Verizon chairman and CEO, in the earnings statement today. “We built momentum coming out of 2011, and our results show that we continue to execute in the key growth areas of our business. Verizon Wireless produced both great growth and great margins, and we produced another strong quarter of Fios growth”.
“We are confident we will improve Wireline margins for the full year. Our repositioning of Verizon enterprise solutions has better aligned our strengths in high-growth markets, and we expect our enterprise business to contribute even more to overall Wireline revenue growth and profitability over time” he added.