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Verizon posts $7.7 billion income, first wired profit in seven years

updated 08:27 am EDT, Tue July 22, 2014

Despite lack of expansion, FiOS driving wired gains

Verizon Communications has released its second quarter 2014 financial results. The company reports its sixth consecutive quarter of double-digit percentage growth in operating income and earnings per share, with $31.5 billion in revenue, a 5.7 percent increase from a year ago, with income of $7.7 billion, a 17.2 percent increase from the year-ago quarter.

The company notes 1.4 million net retail connections, low retail postpaid churn of 0.94 percent, 104.6 million total retail connections, and 98.6 million total retail postpaid connections on wireless connections. Wired connection highlights include a 14.4 percent year-over-year increase in FiOS revenues with 139,000 FiOS Internet and 100,000 FiOS Video net additions.

Verizon Wireless posted $21.5 billion revenue in second-quarter 2014, up 7.5 percent year over year. Wireless operating income margin was 32.5 percent.

Verizon's wireline division reported $9.8 billion in revenue, up 0.3 percent from the same quarter in 2013. Notably, this is the first increase in revenue from the wired division in seven years. FiOS revenues represent 75 percent of company's total consumer revenue in the wireline division.

FiOS subscribers as a percentage of potential subscribers (penetration) was 40.1 percent at the end of second-quarter 2014, compared with 38.6 percent at the end of second-quarter 2013. In the same periods, FiOS video penetration was 35.3 percent, compared with 34.5 percent. The FiOS network passed 19.3 million locations before the end of second-quarter 2014. By the end of second-quarter 2014, 55 percent of consumer FiOS Internet customers subscribed to FiOS Quantum, which provides speeds ranging from 50 to 500 megabits per second, up from 51 percent at the end of first-quarter 2014.

by MacNN Staff



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