Virgin Mobile growth prospects disappoint
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Richard Branson&#39;s Virgin Mobile has forecast substantially higher earnings and margins, but disappointing predictions for service revenue
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Virgin Group chief Richard Branson said on Tuesday he has earmarked $300 million for a cellular phone joint venture in China, the worldâs largest mobile market by users.
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The company has no further expansion plans after buying a Chinese website. Also: Virgin joins quest for a better iPod & hellip;. PeopleSoft makes promise that Oracle will live up to & hellip;. and more.
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Business & money: Sir Richard Branson's Virgin group left as frontrunner against in-house management team
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Virgin boss Sir Richard Branson has said the group is in talks with a Chinese company over setting up a mobile phone service in mainland China.
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The proliferation of mobile operating systems has resulted in slower-than-desired growth of mobile Internet applications, the head of Vodafone claims.
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With the announcement of the Player 5GB, Virgin Electronics has joined the growing list of vendors attempting to take some of Apple&#39;s share of the digital music player market.
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T-Mobile USA added nearly a million cellphone subscribers in the fourth quarter, but full-year results fell short of its parent companyâs target.
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AT&amp;T&#39;s revenue was up 2.9 percent in the fourth quarter of 2007, largely driven by increases in mobile phone and broadband customers, the company said Thursday.AT&amp;T&#39;s pro forma revenue was $30.4 billion for the quarter, up 2.9 percent from a year earlier, when comparing combined revenue from AT&amp;T, BellSouth and the former Cingular Wireless.&#160;AT&amp;T acquired BellSouth&#160;and&#160;Cingular&#160;on Dec. 29, 2006.A net gain of 2.7 million mobile subscribers helped drive up the year-over-year pro forma numbers, AT&amp;T said in a news release. Most of those subscribers&#160;came to AT&amp;T through its exclusive contract to provide service for Apple&#39;s iPhone; Apple said Tuesday it sold 2.3 million iPhones during the quarter.AT&amp;T&#39;s official reported revenue for the fourth quarter, which ended Dec. 31, was $30.3 billion, up from stand-alone revenue of $15.9 billion in the fourth quarter of 2006. Those numbers were up slightly from the third quarter of 2007. Some merger-related costs account for the difference in revenue figures.AT&amp;T reported a net income of $3.1 billion for the fourth quarter of 2007, up from $1.9 billion, mostly due to its acquisition of BellSouth and Cingular.By comparison, AT&amp;T also had net income of $3.1 billion for the third quarter of 2007, with both quarter&#39;s numbers including income from BellSouth and Cingular, which was co-owned by AT&amp;T and BellSouth.The company&#39;s reported earnings per share were $0.51, up from $0.50 in the fourth quarter of 2006. Excluding one-time charges, earnings per share was $0.71, matching consensus earnings expectations by analysts polled by Thomson Financial. However, AT&amp;T missed on the revenue side: analysts had expected it to post $30.55 billion.AT&amp;T had an &quot;excellent&quot; fourth quarter, Randall Stephenson, AT&amp;T&#39;s chairman, president and CEO, said in the statement. AT&amp;T&#39;s mobile customer increase was the largest quarterly gain ever by a U.S. provider, he said. The company had 70.1 million mobile customers at the end of the year.Stephenson also pointed to growth in AT&amp;T&#39;s enterprise and broadband businesses. &quot;These growth trends, combined with the significant opportunities we have for continuous cost improvements, reinforce the positive outlook we have for our business,&quot; Stephenson said. &quot;AT&amp;T has a terrific set of assets and an impressive record in terms of executing and delivering on targets, and I am very confident in our ability to drive strong results in 2008.&quot;AT&amp;T&#39;s mobile revenues were $11.4 billion, up 16.3 percent from the fourth quarter of 2006. Mobile data revenue was up 57.5 percent.In AT&amp;T&#39;s wireline business, the company had 231,000 subscribers to its U-verse IP-based video service at year&#39;s end, up from 126,000 at the end of the third quarter.AT&amp;T&#39;s broadband revenues grew 13.7 percent in the fourth quarter to $1.4 billion. Total high speed Internet connections, which include DSL, AT&amp;T U-verse high speed Internet and satellite broadband services, increased by 396,000 in the quarter to reach 14.2 million, up by 2 million from the end of 2006.
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Growth is returning to the global wireless giant.
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The company's growth prospects weren't enough for IPO investors.
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Mobile telephone giant Vodafone reported a two percent fall in half-year underlying profits as the group added 7.4 million new customers.
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T-Mobile USA added nearly a million cell-phone subscribers in the fourth quarter, but full-year results fell short of its parent company's target.
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Carphone Warehouse achieves Christmas growth, but the figures are worse than had been expected.
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Virgin Media adds 13,000 new customers in the third quarter as it shrugs off the effects of a bitter row with rival BSkyB.
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Sales figures just don't measure up to the company's valuation.
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Virgin Electronics hopes its slim Virgin Player, which debuts today and is smaller than a deck of cards, will rise as a lead competitor to Apple's iPod.