News by Andrew Kameka on Thursday October 18, 2012.
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Verizon Wireless released its earnings for the third quarter of 2012, and the company had plenty of reasons to smile. Verizon reported a 7.5 percent increase in revenues, about 1.8 million net customer additions, and more than 95.9 million total customers. Subscriber growth reached its highest point in four years, leading to Verizon having 90.4 million postpaid subscribers.
Much of the success for Verizon came in the form of customers flocking to purchase new 4G LTE-capable smartphones. More than 6.8 percent of postpaid subscribers chose to upgrade their phone in the third quarter, leading to 6.8 million smartphone sales. Smartphones accounted for 79 percent of phone sales, and 66 percent of smartphone sales were for LTE-capable devices. The launch of the Apple iPhone 5 at the tail end of the quarter joined a parade of Android devices released earlier this year to push much of Verizon's customers onto its fourth generation network. As we previously reported, Verizon 4G LTE now reaches 80 percent of the U.S. population, and 35 percent of all network traffic is routed through LTE.
Verizon says that it sold 3.4 million Android devices, and 3.1 million iPhones in the quarter. The carrier noted that 21 percent of iPhone sales were LTE, meaning it sold more than 651,000 units of the iPhone 5.source: Verizon
Andrew is MobileBurn.com's managing editor. He is based in Miami, Florida.