Smartphone Sales Driving Impressive Earnings for Verizon

Smartphone Sales Driving Impressive Earnings for VerizonExecutives at the nation’s largest mobile operator are likely smiling big today.

Verizon on Tuesday reported earnings for the fourth and final quarter of 2013 and the numbers were better than what most analysts were expecting.

The telecommunications behemoth reported $31.1 billion in fourth quarter revenue – a 3.4% jump over the same quarter in 2012.

Verizon also reported net income of $7.9 billion. On a full-year basis, Verizon reported earnings of $4.00 per share in 2013, besting the 31 cents per share gain recorded in 2012.

Verizon says that smartphones sales were huge for the company last year. 70% of all active lines on Verizon Wireless are now smartphones.

“Verizon delivered a total return of 18.6 percent to our shareholders in 2013, while attracting more customers than our competitors and improving our financial performance. This included more than 20 percent year-over-year increases in operating cash flow and EPS,” boasted Lowell McAdam, Verizon’s CEO, said in a statement Tuesday morning. “In 2014, we look forward to acquiring sole ownership of Verizon Wireless, the best asset in the global wireless industry, and leveraging all our assets to deliver innovative products to customers and more value to shareholders.”

Verizon added two million new subscribers in the fourth quarter of 2013.