updated 08:55 am EDT, Mon October 27, 2008
Verizon Q3 2008 Results
Verizon today reported quarterly results that reveal the company's wireless business growing at a slower rate than AT&T. The carrier claims to have added 2.1 million net new customers but notes that about 630,000 of these came from the buyout of Rural Cellular earlier in the year, giving the company an actual growth rate of 1.5 million new customers versus AT&T's net 2.0 million without similar deals; about 120,000 of the Rural Cellular customers will have to leave due to an exchange deal.
The shift gives Verizon 70.8 million total customers versus AT&T's 74.9 million and also sees the former growing its data income at a slower rate; the company's year over year data growth jumped a significant 42.5 percent versus the 50.5 percent of AT&T.
The company touts the figures as strong for its position in the market but is known to have had a relatively low-key summer quarter with the Chocolate 3 and Dare as its most prominent introductions while AT&T was buoyed significantly by the iPhone 3G launch. Despite confirming the existence of the BlackBerry Storm as early as mid-September, Verizon has had no direct counterpart to the iPhone during the quarter and isn't expected in unofficial circles to have the full touchscreen smartphone until mid-November, depriving it of some of its holidays sales.
Verizon hasn't published any guidance for the fall quarter but should get a boost from the Storm as well as typical holiday increases.