Verizon Communications: Profits down

Verizon Communications: Profits down

Verizon Communications has posted that their first quarter earnings are down 8.4 percent to $1.5 billion. The company suffered from some divested operations.

However, Verizon continued to perform well in their fast-growing wireless business. The company reported that their profits in the first three months of the year were at 51 cents per share. They had posted earnings of 56 cents per share last year in the same period.

The revenues in the quarter were up 6.4 percent to $22.58 billion. These are up from $21.23 billion a year earlier. Verizon Wireless division continued to perform well for the company as its revenues grew 17 percent to $10.31 billion.

Verizon Wireless added around 1.7 million customers in the quarter to end up with 60.7 million mobile subscribers. Their revenues per mobile customer also went up 2.8 percent to $50.73 per month.