Investors have been wringing their hands to see if the economic slowdown will have an impact on wireless subscription growth. Not yet, it appears. Verizon Wireless announced yesterday that it added 1.5 million subscribers during the second quarter, while competitor AT&T said this morning it added 1.3 million.
Verizon Wireless released some preliminary results yesterday, and its parent company, Verizon Communications, will announce full results on Monday. The operator's subscriber additions beat some analysts expectations and represented an increase from the 1.3 million customers it added during the second quarter 2007. Cowen and Co. had expected the operator to add 1.2 million subscribers during the quarter.
Meanwhile, Verizon Wireless' part owner Vodafone, which warned yesterday that its full-year results would be on the low end amid the economic downturn, announced a $2 billion share buyback program. The company said the action reflects the Board's belief that the share price significantly undervalues Vodafone. That sent Vodafone stock up today.