Verizon Beats The Street on Earnings as Smartphone Sales Surge

Verizon Wireless beat the street Thursday as the carrier reported a 7.7 percent year-over-year increase in mobile service revenues.

Helping fuel the company’s overall growth for the quarter were strong smartphone sales. And it comes as no surprise that Apple’s iPhone was, hands down, the most popular smartphone Verizon sold.

Of the 6.3 million smartphone units Verizon sold in Q1, half were iPhones.

734,000 retail net customer additions, excluding acquisitions and adjustments, includes 501,000 retail postpaid net customer additions; continued low retail postpaid churn of 0.96 percent.

“Verizon delivered double-digit earnings growth and strong cash flow this quarter,” said Lowell McAdam, Verizon chairman and CEO. “We built momentum coming out of 2011, and our results show that we continue to execute in the key growth areas of our business.”

“Verizon Wireless produced both great growth and great margins,” McAdam said in the earnings report, “and we produced another strong quarter of FiOS growth. We are confident we will improve Wireline margins for the full year. Our repositioning of Verizon Enterprise Solutions has better aligned our strengths in high-growth markets, and we expect our enterprise business to contribute even more to overall Wireline revenue growth and profitability over time.”

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