Verizon posts net profits worth $1.24Bn in Q4’08 (USA)

Verizon Communications posts a 15.2% hike in its net profits for Q4’08 to $1.24 billion, majorly driven by the growth of the mobile arm Verizon Wireless. Revenues for Q4 were up by 3.4% at $24.65 billion, whereas, sales at Verizon Wireless were up by 12.3% year-on-year to reach $12.8 billion. The operator added nearly 1.2 million new subscribers taking its subscriber base to 72.1 million at the end of Q4’08, which will move on to 80 million once the Alltel subscribers are transferred.
For the year 2008, Verizon has reported revenues of $97.35 billion, up 4.2% since 2007. Consolidated net income was up 16.4% at $6.43 billion. Capital expenditures totalled to $17.2 billion in 2008 in comparison to the $17.5 billion mark in 2007. ‘Verizon has shown that it is able to compete effectively in this economic environment,’ said Chairman and CEO Ivan Seidenberg. ‘We grew profits and maintained strong cash flows throughout 2008. In the fourth quarter, we continued to produce top-line growth, fuelled by strong sales volumes for broadband, wireless and strategic business services.’
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