Verizon Reports Strong Smartphone Sales

This morning, Verizon reported earnings for the first fiscal quarter of 2013, indicating that income spiked 15.8% to $1.95 billion in the three-month period ending March 31st.

Once again, the quarter proved especially strong for smartphone sales.

Of the 7.2 million smartphones activated on Verizon’s network during Q1, more than half of them (4 million) were iPhones.

Approximately 50% of these activated iPhones were 4G LTE devices.

The carrier’s 4G LTE service is currently available in 491 markets in the U.S.

“Verizon is off to an excellent start in 2013,” said Verizon CEO Lowell McAdam. “Our strategic investments in wireless, wireline and global networks have given us the platforms to sustain momentum and take advantage of growth opportunities in key markets for broadband, video and cloud services. With ongoing improvements in operating efficiency, we expect continued growth in free cash flow and earnings as we move through the year.”

For the quarter, Verizon added 677,000 post-paid (or contract) customers.