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: Lenovo wraps up purchase of Motorola phone unit

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

Lenovo wraps up purchase of Motorola phone unit

59 minutes ago

Lenovo Group announced the completion of its acquisition of Motorola Mobility from Google Inc. on Thursday in a move aimed at making the Chinese computer maker a global smartphone brand.

Baidu profit up 27 percent as mobile grows

3 hours ago

Chinese search engine Baidu Inc. said Thursday its quarterly profit rose 27 percent as user traffic for its mobile operation surpassed passed its desktop computer-based search business.

Samsung vows changes after mobile profit plunges

4 hours ago

Samsung Electronics Co. admitted erring in its smartphone strategy and vowed Thursday to overhaul its handset lineup after profit from those devices tumbled last quarter to the lowest in more than three years.

WhatsApp founders own nearly $9B in Facebook stock

4 hours ago

WhatsApp founders Jan Koum and Brian Acton received 116 million shares of Facebook stock currently worth nearly $9 billion when they sold their unprofitable messaging service to the social networking leader earlier this month.

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.