Verizon Posts Lower Net, but Sales Rise
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Strong wireless and Internet subscriber growth pushed revenue up at the phone company, but profit fell after merger-related costs and other items.
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Nokia, the world&#39;s biggest cell phone maker, reported lower third-quarter earnings on Thursday after cutting prices to claw back market share, but said sales were strong as it enters the key Christmas season.
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Verizon Communications Inc  said  on Monday its quarterly revenue rose due to strong wireless  subscriber growth, although profit fell after merger-related  costs and other items.
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U.S. stocks were lower on Thursday as  oil prices climbed, stoking concerns of higher energy costs  squeezing corporate profits, while Verizon Communications Inc.  VZ.N fell after several analysts lowered earnings estimates  for the telecommunications services provider.
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Verizon Communications Inc. VZ.N,  the largest U.S. telecommunications company, on Thursday  reported third-quarter earnings virtually unchanged from the  year before as wireless and high-speed Internet sales offset  losses of local phone lines.
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Telecommunications giants AT&T Inc.   and Verizon Communications Inc.  are expected to  report solid second-quarter earnings, buoyed by growth in  wireless and Internet subscribers.
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InfoWorld - Driven largely by gains in its wireless and data businesses, Verizon Communications' revenue was up 5.5 percent year over year in the fourth quarter of 2007, and net income was up slightly.
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Verizon Communications Inc  said on Monday its quarterly revenue rose due to strong wireless subscriber growth, although profit fell after merger-related costs and other items.
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AT&T Wireless Services Inc. AWE.N  said on Tuesday its third-quarter profit declined as customers  spent less per month, offsetting a rise in net new customers.
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Qualcomm Inc.&#39;s earnings rose 35 percent on continued sales growth in its fiscal fourth quarter, but the cell-phone technology company projected earnings for the new fiscal year below Wall Street&#39;s views.
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Verizon Communications Inc  said  on Monday that quarterly revenue rose due to strong wireless  and Internet subscriber growth, although profit fell after  merger-related costs and other items.
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Wireless chip developer Qualcomm Inc.   on Wednesday reported a 15 percent rise in  third-quarter net profit, but shares fell more than 7 percent  after it forecast fourth-quarter revenue lower than some  analysts' estimates.
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Raytheon reported slightly lower third-quarter profit yesterday, hurt by losses from a unit it is selling, and forecast next yearâs profit would fall below Wall Streetâs average estimate.
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Lucent Technologies Inc. LU.N on  Wednesday posted lower quarterly earnings and disappointing  sales despite improved demand for wireless network products,  and the telecommunications gear maker's shares fell.
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Wireless technology company Qualcomm Inc.  on Wednesday posted quarterly earnings that rose 46 percent on strong sales of cell phones using its chips, but said current-quarter earnings would fall short of the average Wall Street forecast.
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Virgin Mobile Holdings PLC reported an 18 percent surge in revenue but lower net profits for the half year Thursday as the costs of its listing on the London Stock Exchange this summer hurt the bottom line.
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Driven largely by gains in its wireless and data businesses, Verizon Communications&#39; revenue was up 5.5 percent year over year in the fourth quarter of 2007, and net income was up slightly.Verizon on Monday reported revenue of $23.8 billion for the fourth quarter, which ended Dec. 31, up from $22.6 billion in the fourth quarter of 2006. Verizon&#39;s net income rose from $1.03 billion to $1.07 billion this past quarter.Earnings per share was $0.37, or $0.62 before one-time items, matching consensus earnings expectations by analysts polled by Thomson Financial. However, analysts had expected revenue of nearly $24 billion for the quarter.Not counting one-time charges, operating income dropped 0.6 percent, to $3.4 billion. One-time items included severance packages for layoffs that will continue through 2008, and a spin-off of wireline access lines in parts of New England.Verizon reported &quot;strong growth in sales of all our strategic products,&quot; Verizon Chairman and CEO Ivan Seidenberg, said in a statement. &quot;We see significant opportunities to grow revenues and expand our leadership in wireless and broadband markets, while reducing operating expenses.&quot;Verizon&#39;s revenue for the year was $93.5 billion, up by $5.3 billion from 2006.Verizon focused on growth in a couple of key areas, including its wireless business.Verizon Wireless&#39; customer numbers increased 11.3 percent from the fourth quarter of 2006, to a total 65.7 million, the company said. Wireless revenue for the quarter was $11.4 billion, up 13.3 percent from a year ago. Verizon Wireless added 2 million customers during the quarter.Wireless data revenue was particularly strong, said Doreen Tobin, Venison&#39;s chief financial officer. Wireless data revenue grew by 65 percent in 2007, she said during a conference call.&quot;We see enormous potential for growth in wireless data for years to come,&quot; she said.Total wireless revenue grew 15.3 percent in 2007, to $43.9 billion for the whole year. &quot;We have a proven business model,&quot; Tobin said. &quot;These results are further evidence of great execution, sustainable growth, and strong cash generation.&quot;In Verizon&#39;s data business, the company added 245,000 Fios fiber-based Internet customers, and 226,000 Fios television customers. The company added a total of 264,000 broadband customers in the quarter, including Fios and DSL (digital subscriber lines). Data revenue increased 12.8 percent to $4.8 billion.Some of those gains were partially offset by a 1.4 percent decrease in overall wireline revenue. Wireline revenue was $12.5 billion for the quarter, which includes the data revenue.Verizon had a &quot;very good year,&quot; but it faces some challenges in 2008, said Jeff Kagan, an independent telecom analyst.&quot;This year will be a little tougher with trouble in the housing market and debates about a coming recession, but so far, so good for Verizon,&quot; Kagan wrote in an e-mail. &quot;The telecom industry continues its strong growth, and cable television competitors have signaled price increases again, but at some point soon brisk competition will break out between the cable television companies and the telephone companies.&quot;The competitive action has started in many markets, but will spread dramatically this year,&quot; Kagan added. &quot;This will be an exciting year to keep our eyes on.&quot;Verizon has not yet seen slumping sales due to fears of a recession in 2008, Tobin said.