Verizon Q2 earnings top estimates; CEO will step down

By on July 22, 2011 at 7:45 AM.

Verizon Q2 earnings top estimates; CEO will step down

Verizon Communications on Friday reported second-quarter earnings that topped the Street’s estimates, though it failed to match AT&T’s impressive wireless growth during the quarter. Revenue climbed to $27.5 billion in the June quarter, up 2.8% from the same quarter last year. EPS was up 6 cents sequentially to $0.57, a huge swing from the second quarter in 2010 when Verizon reported a loss of $0.42 per share. In wireless, the carrier netted 2.2 million subscribers — or “total connections,” rather — excluding gains made through acquisitions, and service revenues climbed 6.6% year-over-year. Verizon now reports total connections, which include machine to machine devices and other non-standard subscribers, and its total now sits at 106.3 million. The carrier also said that it activated 2.3 million iPhone 4 handsets in the June quarter. “In terms of earnings growth and the acceleration of revenue growth, this has been one of Verizon’s best quarters since the 2008 economic downturn,” said Verizon Chairman and CEO Ivan Seidenberg in a statement. “We expanded sequential margins in both our wireline and wireless businesses, and in the second half of the year we expect Verizon to build on this strong, positive momentum to continue to drive profitable, sustainable growth.” The company also noted that Ivan Sandberg will step down as CEO, replaced by Lowell McAdam. Sandberg will retail is his as chairman of the board. Verizon’s full press release follows below. More →

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RIM rolling in EMEA region, adds a million subs in under three weeks

By on July 7, 2011 at 7:55 PM.

RIM rolling in EMEA region, adds a million subs in under three weeks

Research In Motion on Thursday announced some serious heat in the Europe, the Middle East and Africa (EMEA) region — the BlackBerry maker said it recently added more than a million new subscribers in less than three weeks. “BlackBerry continues momentum across EMEA with 1 Million+ new subscribers added in less than 3 weeks,” RIM posted from its Twitter account. RIM no longer includes subscriber additions or totals in its quarterly earnings reports, but when it last did in the three-month period ending November 2010, the vendor had netted more than 5 million new subscribers for a total of just over 55 million. Last quarter, RIM said it shipped 13.2 million BlackBerry smartphones and 500,000 PlayBook tablets despite a very difficult quarter. More →

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