Verizon Reported strong Q1 earnings on April 18, 2013, as its EPS of 68 cents was 15.3% higher from the year prior. This beat analysts' estimate of 66 cents.
Verizon's net income increased 15.8% to $1.95 billion in the first quarter with more wireless subscribers while its FiOS pay-TV and broadband business also continues to grow. In addition to net income increasing, Verizon's total operating revenue rose 4.2% to $29.4 billion.
With its enhanced wireless network 4G LTE, revenue for Verizon Wireless, its wireless carrier subsidiary jointly owned with U.K. based Vodafone, totaled $19.5 billion, a 6.8% year over year increase. Its operating income margin, 32.9%, was a record high.
Verizon's landline FiOS network, grew by 15.1% to $2.6 billion in revenue for the quarter. FiOS added 188,000 Internet customers during the quarter, while 169,000 signed up for its TV service. Its average revenue per user rose 9.5% to $107.15.
Verizon reported before the market opened and shares traded as high as $51.15 (up 3.25%), before closing at $50.91.
- Ryan DeVoe