Verizon (NYSE: VZ) on Monday reported a 38 percent drop in 4Q profit after divesting several businesses, but the telco added 2.3 million net wireless subscribers during the last three months of 2006.
Including the 2.3 million net customers added, the company’s Verizon Wireless business saw its U.S. subscriber base reach 59.1 million, up 15 percent from the same time a year ago. Other highlights included:
—The telecommunications giant had net income of $1.03 billion, or 35 cents a share, for the quarter, down from $1.66 billion, or 59 cents a share, a year ago.
—Verizon’s broadband FTTP network—over which customers receive FiOS Internet and FiOS TV services—passed a total of more than 6 million premises by the end of 2006.
—Revenue in the latest quarter rose 26.1 percent to $22.6 billion. Earnings release | Webcast