Verizon Communications revealed its 2008 fourth quarter earnings yesterday, and despite a tough economic environment, the parent company of Verizon Wireless (along with Vodafone) is doing just fine.
Despite substantial losses in its wireline business as more people rely solely on cellular phones to connect to the outside world, Verizon earned $1.24 billion in the fourth quarter ($0.43 per share), up from $1.07 billion in 2007. That’s factoring in charges for job cuts, which if excluded, would render earnings at $0.61 per share.
Fourth quarter revenues were $24.6 billion, a 3.4 percent increase year-over-year. Full year earning were $6.43 billion, up from $5.52 billion in 2007. Revenues for 2008 were $97.4 billion, up 4.2 percent.
Perhaps the most interesting numbers revealed during the earnings call were the subscriptions, as they shed light on the continuing transition from a fixed to a mobile lifestyle. Revenues were down 2.6 percent on the company’s wireline side as it lost 12 percent of its home phone line subscribers over the past year. At the same time, Verizon gained 1.4 million mobile subscriptions in the fourth quarter alone.
The company is now the largest wireless provider in the United States after purchasing Alltel. The company currently has a total of 80 million customers.
via nyt
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