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 →
We were just hit up by a new Verizon connect and it looks like the LG Chocolate Touch is on the horizon. We’re told that retail stores should be receiving stock within the next two weeks, which makes sense since it was featured in Verizon’s Holiday Lineup list. In case you missed the details, the Chocolate Touch will pack a 3.2 megapixel camera, EV-DO Rev. 0 (they couldn’t get with the times and get Rev. A?), Visual Voicemail and VZ Navigator. We’re not sure how we feel about the design, especially with LG offerings like the BL20 and BL40, you’d think this fresh new touch screen wouldn’t look like it was designed in the late 90s. It also looks like it’s packing the same tired OS which will look even more dead once Droid/s hit the scene, but with the right pricing we think this could do well with those who aren’t looking for full-featured smartphones. Hit the jump for a shot of the back.
We know, we know — you are totally bummed about BlackBerry’s much-awaited Desktop for Mac software not launching yet. It’s definitely not coming in September. We have heard, however, that October 2nd will be the new general launch date for the application.
Seperately we’ve been informed that Verizon’s Hub “landline killer” device has officially been discontinued in all retail channels effective today.
Well, hear us out. We’ve had a flurry of tips sent in today that Verizon Wireless has dropped the prices of almost all existing smartphones they offer to only $99 with a two-year agreement. This obviously signifies one thing and it’s not Verizon just being nice (though they generally are friendly when we ring them up): new crap is coming. The much-awaited Touch Pro2 looks to be landing on VZ shortly (the Touch Pro dropped from $419 to $99) and while we doubt the BlackBerry Storm 2 is going to launch earlier than November, there’s still only two smartphones we can find above $99. Those are the BlackBerry Tour and Samsung Saga. So, new handsets coming relatively soon and obviously a little reaction to the $99 iPhone pricing, existing smartphones and BlackBerrys on Verizon Wireless just got a whole bunch less expensive.
Thanks, to everyone that hit us up!