Verizon Adds Record 2.1 Million Subscribers In Q4 2012, But Still Sees A Loss
Verizon has today announced its financial results for the fourth quarter of 2012, which has been its best yet in terms of subscriber growth. The company added 2.1 million new customers during the three-month period, bringing its total number of subscribers up to 98.2 million, with 58% of those customers using a smartphone.
Verizon’s fourth quarter consolidated revenues totaled $30 billion for the first time, but the carrier still recorded a loss. Profits were hit by $135 million in damages from Hurricane Sandy, while one-time pension costs meant the company took a charge between $9 billion and $10 billion for the quarter.
This led the company to a $4.22 billion loss.
Despite that, CEO Lowell McAdam remained optimistic, and called the last 12 months “a year of solid progress.”
“Verizon seized growth opportunities in the fourth quarter to cap a year of solid progress across the entire business,”said Lowell McAdam, Verizon chairman and CEO. “We delivered a total return of 13.2 percent to shareholders in 2012, and we enter 2013 ready to accelerate the momentum we’ve achieved and create significant shareholder value in the years to come.”
Verizon’s LTE network is now available to 273 million people across the United States — more than 88% of the population — and 23.3% of its customers have 4G LTE compatible devices. The carrier will hold a conference call later on this morning to provide more details on its quarterly performance.