Verizon Hits 1M FiOS TV SubsVerizon Hits 1M FiOS TV Subs

Verizon Communications Inc. (NYSE: VZ) had 943,00 subscribers to its FiOS TV service at the end of 2007, having added 226,000 during the final three months of the year, and says it has since eclipsed the 1 million mark.

News of the milestone came as the carrier reported fourth-quarter earnings of $1.07 billion, or 37 cents per share, from revenues of $23.8 billion. Excluding special items, Verizon's adjusted earnings per share (EPS) was 62 cents, right in line with analyst expectations.

A year earlier, Verizon earned $1.03 billion, or 35 cents per share, on revenues of $22.6 billion.

Table 1: Verizon's Q4 2007 Results

Verizon's fourth-quarter one-time costs included severance expenses, which accounted for 16 cents of earnings. The carrier began cutting its workforce in the final few months of 2007 and plans additional layoffs in 2008.

As with AT&T Inc. (NYSE: T), wireless continued to be a strength for Verizon in the fourth quarter. (See AT&T Turns in Strong Q4.)

Verizon Wireless added 1.9 million retail mobile subscribers during the quarter and now has 63.7 million in total.

In wireline services, Verizon now has more FiOS TV customers than it does DirecTV customers (891,000, if you're asking).

The FiOS network now reaches more than 9.3 million homes, with the deployment costs cutting into earnings at a rate of 9 cents per share.

Verizon's share price dipped by 26 cents, about 0.7 percent, to $37.50 in pre-market trading.

— Raymond McConville, Reporter, Light Reading