Verizon Wireless reports fourth quarter 2008 earnings

Bucking the downward trend, Verizon Wireless announced strong Q4 2008 earnings yesterday amidst the downturn. Verizon Wireless saw a net increase of 1.4 million non-acquisition related customers in Q4 2008, most of which were in the retail sector. Verizon added a total of 5.8 million new subscribers in 2008, a 9.9% increase which brings its total subscriber base to 72.1 million. These figures do not include customers added with the Alltel acquisition. Verizon also had a low churn rate with 1.35% churn amongst all customers and 1.05% amongst retail postpaid customers. Verizon saw double digit percentage increases in revenue with a total revenue of $12.8 billion in Q4 2008 and $49.3 billion over the year, a 12.3% and 12.4% increase respectively. With 65% of retail customers rocking 3G enabled devices, data revenues reached $10.7 billion for the year, a 44% increase over 2007. All in all a solid performance from Verizon Wireless.

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