The updated FiOS numbers were revealed as Verizon reported its second-quarter earnings. The carrier's net income increased 12 percent year-on-year to $1.88 billion, or 66 cents per share, on revenues of $24.12 billion.
In the same quarter last year, the company earned $1.68 billion, or 58 cents per share, on revenues of $23.27 billion. (See Verizon Has Marginal Concerns in Q2.)
Verizon's non-GAAP earnings (excluding one-time items) of 67 cents per share beat Wall Street's estimate of 65 cents.
Table 1: Verizon's 2Q08 Results
|FiOS TV Subscribers||1,382,000||515,000||+168.3%|
Wireless was again the key revenue driver for Verizon this quarter. The company added 1.5 million wireless subscribers, nearly all of them monthly customers (as opposed to pay-as-you-go) -- more than the 1.3 million customer additions that iPhone operator AT&T Inc. (NYSE: T) managed in the same period. (See AT&T Hits 550K IPTV Subs.)
Wireless revenues, up 11.8 percent year-on-year at $12.1 billion, contributed half of all Verizon's second-quarter sales.
For the carrier's enterprise division, Verizon Enterprise Solutions , managed services continue to be a key growth area. Strategic services, which include managed services, IP services, and Ethernet services, recorded an 18.7 percent increase in revenues to $1.5 billion.
Despite Verizon's seemingly solid second-quarter performance, investors had been hoping for more: The carrier's stock dipped by $0.24, about 0.7 percent, to $34.21 in pre-market trading.
— Raymond McConville, Reporter, Light Reading