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Verizon's mobile and Fios drive revenue growth

Verizon's mobile and Fios drive revenue growth

The company reports revenue growth of 4.3 percent and net income growth of 23 percent

Verizon Communications has reported a revenue increase of 4.3 percent for the second quarter of 2013, compared to a year ago, with mobile and Fios broadband customers additions driving the growth.

Verizon on Tuesday reported a net increase of 1 million mobile customers and 161,000 Fios broadband customers during the quarter.

The company reported revenue of US$29.8 billion in the second quarter. Net income for the quarter was $5.2 billion, up 21 percent from the $4.3 billion Verizon reported in the second quarter of 2012.

Adjusted earnings per share were $0.73, beating analyst estimates by one cent.

Verizon pointed to mobile and broadband growth as a cause for a strong quarter. "We are executing well in these key areas," Fran Shammo, Verizon's CFO, said during a conference call.

Mobile revenue was $20 billion in the second quarter of 2013, up 7.5 percent from $18.6 billion during the second quarter of 2012. At the end of the second quarter, the company had 100.1 million wireless retail customers, a 6.3 percent increase in the past year.

In broadband, Verizon added 161,000 Fios Internet customers and 140,000 Fios TV customers in the second quarter. Verizon had 5.8 million Fios Internet and 5 million Fios TV customers at the end of the quarter, representing year-over-year increases of more than 12 percent for each service.

Verizon reported 8.9 million broadband customers at the end of the second quarter, a 1.9 percent increase from a year ago. With DSL losses partially offsetting Fios gains, Verizon added 45,000 broadband customers during the quarter.

Verizon's wireline division posted revenue of $9.7 billion during the quarter, down from $9.9 billion in the second quarter of 2012.

Consumer revenue grew, however, with Verizon reporting $3.6 billion, an increase of 4.7 percent from the second quarter of 2012. Fios revenue grew 14.7 percent, to $2.7 billion.

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Tags business issuesFran Shammotelecommunicationfinancial resultsVerizon Communications

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