Verizon Sells 1M Blackberry Storms, Q4 Profits Up

verizonVerizon has just released Q4 results. The Blackberry Storm contributed to higher profits, with an impressive 1 million Blackberry Storm units sold. Analysts were expecting about 500,000 units sold. Verizon also reported 1.4 million new subscribers added during Q4. Verizon CEO and Chairman Ivan Seidenberg said “Verizon has shown that it is able to compete effectively in this economic environment,” Verizon posted $24.65 billion in total revenue and $1.24 billion in net profit in 2008. The Blackberry definitely has contributed to a successful Verizon Q4, but it is important to note that Apple activated more than 2.4 million iPhones during the same time.

Consolidated Results

* 43 cents in diluted EPS and 61 cents in adjusted EPS (non-GAAP), compared with 4Q 2007 diluted EPS of 37 cents reported and 62 cents adjusted.
* $24.6 billion in 4Q revenues, up 3.4 percent, or adjusted growth (non-GAAP) of 4.6 percent.

Wireless

* 1.4 million organic (non-acquisition-related) net customer additions, almost all retail; 1.2 million total net customer additions, including a net customer loss under a previously announced exchange agreement related to the 3Q 2008 acquisition of Rural Cellular.
* 72.1 million total customers; 70.0 million retail customers, up 9.9 percent, not including customers added with the Jan. 9, 2009, acquisition of Alltel.
* 12.3 percent increase in total revenues; data revenues up 41.4 percent; ARPU growth for 11th consecutive quarter; strong 47.2 percent EBITDA margin on service revenues (non-GAAP).

Wireline

* 303,000 net new FiOS TV customers and 282,000 net new FiOS Internet customers, the highest ever for the company.
* 14.3 percent increase in consumer ARPU in legacy telecom markets.
* 8.4 percent increase in revenues from strategic business services.


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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
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