Verizon Q4 Profits Ride Wireless Gains

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. (More Verizon stories.)