Verizon pulls in subscribers with iPhone; new CEO

Jul 22, 2011 By PETER SVENSSON , AP Technology Writer

(AP) -- Verizon is seeing a big boost from the iPhone, adding more new subscribers on contracts in the second quarter than it has in two and half years.

Yet AT&T, which had been the exclusive seller of Apple's iconic phone, still activates three iPhones for every two does.

When posting results for the second quarter on Friday, Verizon also said Chief Operating Officer Lowell McAdam will take over from CEO Ivan Seidenberg on Aug. 1. The company has signaled the succession for more than a year.

Verizon Communications Inc. said its net income was $1.61 billion, or 57 cents per share, in the three months ended June 30. A year ago, it posted a loss of $1.19 billion, or 42 cents per share.

Revenue rose 2.8 percent to $27.5 billion, in line with analysts' expectations.

Explore further: Why the Sony hack isn't big news in Japan

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Verizon 1st-qtr profit, revenue beat expectations

Apr 27, 2009

(AP) -- Verizon Communications Inc. said Monday its earnings grew 5 percent in the first quarter, boosted by its acquisition of Alltel Corp. and strong demand for its wireless, Internet and TV services.

Verizon adds few contract customers in 1Q

Apr 22, 2010

(AP) -- Verizon Communications Inc., the largest wireless carrier in the country, is finding there's an end to the number of people who'll sign two-year contracts for cell phone service.

New AT&T phone contracts dive in 1Q

Apr 20, 2011

(AP) -- AT&T Inc. used to draw in subscribers by the millions with the lure of the iPhone. Now, it's mostly selling iPhones to its own customers, who are trading up from other AT&T phones.

Verizon profit falls 30 pct on restructuring costs

Oct 26, 2009

(AP) -- Verizon Communications Inc. reported a 30 percent drop in third-quarter earnings Monday as it couldn't sign up enough new subscribers to offset higher costs from laying off workers and absorbing an ...

Verizon posts 4Q loss on $3B in layoff costs

Jan 26, 2010

(AP) -- Verizon Communications Inc. on Tuesday posted an unusual loss for the fourth quarter, as a charge for layoffs in its shrinking landline business overshadowed the growing, and profitable, wireless ...

Verizon CEO hints iPhone not coming soon

Sep 23, 2010

(AP) -- Comments from Verizon Communications Inc. CEO Ivan Seidenberg on Thursday left little room for the possibility of a Verizon version of the iPhone any time soon.

Recommended for you

Why the Sony hack isn't big news in Japan

8 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

13 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

14 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.