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Verizon Q4 Profits Ride Wireless Gains

Cell phones, Internet continue to shine as landlines decline

By Jim O'Neill,  Newser User

Posted Jan 29, 2008 1:38 PM CST

(Newser) – Verizon Communications, riding a wave of wireless and Internet growth, yesterday announced net income rose to $1.07 billion for the fourth quarter, up nearly 4% from $1.03 billion a year ago, reports the New York Times. Verizon Wireless, second to AT&T in the US, added some 2 million customers in the quarter, despite a slumping economy.

AT&T last week also reported strong wireless growth, while Sprint Nextel, the third-largest carrier, continued to lose market share. Verizon’s revenue rose 5.6% to $23.8 billion. Verizon said its traditional landline business continued to lose subscribers, shrinking nearly 11% in 2007 as more customers switched to wireless. Verizon’s Internet business, meanwhile, saw 17.9% growth in subscribers in 2007.

A Verizon payphone is seen in Philadelphia in this April 30, 2007 file photo.
A Verizon payphone is seen in Philadelphia in this April 30, 2007 file photo.   (Associated Press)
A woman walks past a Verizon store. The communications company reported robust wireless growth in the fourth quarter.
A woman walks past a Verizon store. The communications company reported robust wireless growth in the fourth quarter.   (Getty Images)
A woman walks past a Verizon Wireless store in San Francisco in this Oct. 30, 2006 file photo.
A woman walks past a Verizon Wireless store in San Francisco in this Oct. 30, 2006 file photo.   (Associated Press)
Buildings on Market Street are seen reflected in a Verizon sign in Philadelphia, in this April 30, 2007 file photo.
Buildings on Market Street are seen reflected in a Verizon sign in Philadelphia, in this April 30, 2007 file photo.   (Associated Press)
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