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Verizon Wireless adds a record 2.1 million customers, company still posts a $1.93 billion loss

News by Andrew Kameka on Tuesday January 22, 2013.

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Verizon Wireless finished 2012 strong with increases in revenue and total customer additions, but the jump in performance was not enough to offset non-operational losses that led to a net loss of $1.93 billion in the fourth quarter. Verizon lost money due to paying pension liabilities and costs associated with Superstorm Sandy, which damaged the company's infrastructure in the Northeast and required additional spending to rapidly repair cell sites.

The financial loss dampened what would have been an otherwise phenomenal quarter. Verizon reported the following numbers related to its performance in the fourth quarter of 2012:

- Added 2.2 million net customers, including 2.1 million postpaid (contract) customers, in the fourth quarter.

- Added 5 million net customers in 2012, the highest in four years.

- Raised total number of customers to 98.2 million, a 6.6 percent increase.

- Smartphones accounted for 58 percent of postpaid customer phone base, which is up from the 53 percent reported the previous quarter.

- Verizon activated 9.8 million smartphones, 6.2 million of which were iPhones. Half of iPhone sales were for the iPhone 4 and iPhone 4S.

- Verizon launched eight 4G LTE smartphones in the fourth quarter and expanded its LTE network to reach 273 million people in 476 markets in the U.S.

source: Verizon Wireless

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Andrew Kameka
Andrew is based in Miami, Florida.

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