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jueves, 17 de octubre de 2013

Verizon Communications third-quarter profit improved 40%

Verizon Communications Inc.'s  third-quarter profit improved 40% as the largest U.S. phone carrier continued to build up its base of wireless and FiOS customers
Verizon last month inked its second-biggest acquisition ever, agreeing to purchase Vodafone Group PLC's (VOD, VODPF, VOD.LN) 45% stake in Verizon Wireless for $130 billion, granting Verizon full control of their joint venture
To help fund the deal, Verizon soon after sold $49 billion in bonds, making it the largest corporate-debt sale in history
Verizon will be paying heavily to resolve a complex strategic challenge the company has faced for years
Verizon's growth and future prospects are weighted to its wireless side, which produced two-thirds of the company's $116 billion in revenue last year
But shared ownership of Verizon Wireless has meant Verizon couldn't fully claim its cash and profit
Verizon Chief Executive Lowell McAdam began publicly signaling his willingness to do a deal early this year, saying Verizon could afford to buy the stake
Verizon reported a profit of $2.23 billion, or 78 cents a share, up from $1.59 billion, or 56 cents, a year earlier
Excluding special items, per-share earnings were 77 cents in the latest quarter
Revenue improved 4.4% to $30.28 billion
Wall Street analysts on average expected earnings of 74 cents and revenue of $30.16 billion, according to Thomson Reuters
Verizon Wireless added 927,000 of the most profitable postpaid subscribers, down from 1.54 million additions a year earlier and 941,000 additions in the second quarter
It added 1.06 million total subscribers during the quarter
Wireless revenue grew 7.2% to $20.4 billion
Total postpaid churn, or customers who cancel services, was 0.97%, compared with 0.91% a year earlier and 0.93% in the second quarter
The company also added 173,000 FiOS Internet and 135,000 FiOS video subscribers during the quarter, citing increased sales penetration for both services

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