by Christopher Freeburn | October 18, 2012 10:15 am
Verizon Communications (NYSE:VZ) announced on Thursday that it earned $1.59 billion during the third quarter, up 16% from $1.37 billion in the same time last year. Adjusted EPS came in at 64 cents, which matched Wall Street forecasts, Reuters noted.
The communications group posted revenue of $29.01 billion, up from $27.91 billion in 2011. That narrowly topped the $28.96 billion in revenue that analysts had predicted.
Shares of Verizon moved up more than 1% in Thursday morning trading.
The company said revenue at its Verizon Wireless unit, a joint venture with Vodafone (NASDAQ:VOD), rose 7.5% to $16.2 billion, as the service attracted 1.8 million new subscribers during the quarter. That increase was more than double the 882,000 subscribers it added in the same period last year.
That rise in subscribers may relate to a new pricing plan introduced in June under which subscribers pay a flat fee to share data usage among multiple devices.
Smartphone owners now comprise a clear majority of Verizon Wireless subscribers at 53%, company officials noted.
Last month, Verizon agreed to pay $250.4 million to TiVo (NASDAQ:TIVO) in order to settle a patent infringement lawsuit over the technology used in Verizon’s FiOS subscription TV service.
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