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Verizon Wireless reports its best quarterly performance, increases smartphone penetration

Sections: Cellular Providers, Communications, Mobile, Smartphones

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Verizon Wireless earnings report

Although not as celebrated as when Google, Apple and Facebook are doing it, Verizon Wireless has announced strong second quarter 2011 growth brought about by revenues coming from increased smartphone penetration. Verizon’s wireless financial highlights for Q2 2011 shows that service revenues increased by 6.6% year over year, amounting to $14.7 billion. Data revenue increased as well, 22.2% year over year amounting to $5.8 billion which is a an increased of $1.1 billion from last year. The company’s retail postpaid products also showed tremendous increases, growing by as much as 1.9% from $1.00 during Q2 2010 to $54.12 this year. Its retail postpaid data ARPU grew to $21.26 which is around 15.2% increase from last year.

Alright, so much for the numbers on Verizon’s earnings report for Q2 2011. Some salient points that we could gather from the report highlights the following facts – Verizon wireless is getting more active connections, most of these are coming from smartphones and which include of course the Verizon iPhone. Verizon is also gaining more grounds from its 4G LTE mobile broadband network service. It’s 4G LTE service is currently serving 102 markets across the U.S. It is aiming to get as much as 175 markets in total by the end of the year and to established itself as the fastest LTE network in the U.S. With the upcoming availability of the 4G LTE-enabled Samsung Galaxy Tab 10.1, Verizon is hoping to boost its 4G LTE business some more.

With all these positive number coming their way, Verizon Wireless’ Chairman and CEO Ivan Seidenberg is very positive that Verizon will gain share in the retail postpaid market and widen its network-quality lead throughout 2011.

“In terms of earnings growth and the acceleration of revenue growth, this has been one of Verizon’s best quarters since the 2008 economic downturn,” said Chairman and CEO Ivan Seidenberg.

Via [Verizon Wireless]

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