Verizon posts $1.5b net loss, picks up slightly fewer new wireless subs than AT&T
Verizon Communications, the majority shareholder of Verizon Wireless, just tossed out its Q2 2010 earnings, and unlike the majority of the other big boys we've seen, this company actually lost money over the past few months. All told, the mega-corp posted a $1.5b net loss compared to a $3.2b net profit this time last year, but if you were to exclude "special charges" for a workforce reduction, Verizon as a whole would've seen net profits of $0.58 per share. When focusing strictly on mobile, Verizon Wireless managed to pick up 1.4 million net customer additions, which is 200,000 shy of the 1.6 million that AT&T recently picked up. What's crazy is that one carrier has the iPhone while the other doesn't, and it doesn't take the imagination of Peter Pan to figure out how those numbers would shift if Apple's smartphone somehow picked up a CDMA radio and headed over to Big Red. Other fun facts about VZW's second quarter include a 3.4 percent uptick in total revenues year-over-year, a 5.2 percent increase in service revenues and a staggering 28.3 percent boost in data revenues. With all that cash flowing in, is there really a need for these newfangled caps? Consumers say "no," but Sir Capitalism says "yes."
Continue reading Verizon posts $1.5b net loss, picks up slightly fewer new wireless subs than AT&T
Verizon posts $1.5b net loss, picks up slightly fewer new wireless subs than AT&T originally appeared on Engadget on Fri, 23 Jul 2010 13:55:00 EDT. Please see our terms for use of feeds.
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