Tuesday, May 26th14.2°C
26379
24949

Verizon 2Q profit increases 93 per cent thanks to Vodafone deal, tops forecast

NEW YORK, N.Y. - Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

Profit jumped to $4.32 billion from $2.25 billion, or 78 cents per share. Net income per share grew, but at a lower rate, to $1.01 per share from 78 cents per share. That's because Verizon issued shares in February to pay Vodafone Group PLC shareholders for their share of Verizon Wireless.

Adjusted for non-recurring gains, chiefly from the sale of spectrum licenses to T-Mobile US, earnings were 91 cents per share. That just edged out the 90 cents per share that analysts were expecting, according to a survey by Zacks Investment Research.

Revenue rose 5.7 per cent to $31.48 billion from $29.79 billion last year. Analysts expected $31.09 billion, according to Zacks.

Before February, Verizon Communications Inc. owned only 55 per cent of Verizon Wireless, which is vastly more profitable than the Verizon's wholly-owned landline and FiOS properties. Vodafone, a British cellphone company, owned the rest until it was bought out for $130 billion in cash and stock.

Verizon Wireless, the country's largest cellphone carrier, continued its strong run in the second quarter. It added a net 1.4 million devices to Verizon-branded services, for a total of 104.6 million. Revenues grew 7.5 per cent year over year. Tablets were a chief driver: Verizon added three tablets for every new smartphone.

Verizon shares rose 23 cents to $50.93 before the opening bell.

The Canadian Press


Read more Business News

25985


Recent Trending




Today's Market
S&P TSX15062.81-124.59
S&P CDNX694.72-5.33
DJIA18048.38-183.64
Nasdaq5031.14-58.22
S&P 5002106.26-19.80
CDN Dollar0.8052-0.0069
Gold1188.50-15.80
Oil59.28-1.39
Lumber277.70+3.90
Natural Gas2.813-0.074

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.49+0.00
Cantex0.03-0.01
Anavex Life Sciences0.4385+0.0135
Metalex Ventures0.085+0.005
Russel Metals25.39-0.44
Copper Mountain Mining1.29-0.04
Colorado Resources0.105+0.005
ReliaBrand Inc0.008+0.003
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.17+0.00
Decisive Dividend Corporation2.20+0.60

 



24947

FEATURED Property
21374745570 Lakeshore Road
7 bedrooms 8 baths
$6,900,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_





26363


Member of BC Press Council


24697