It's a familiar headline, net income rises thanks to wireless off-setting continued fixed-line losses. Verizon reported net income of $1.92 billion, which includes results from the now digested MCI. Revenue at Verizon Wireless, which Verizon co-owns with Vodafone Group, increased an impressive 18 percent to $9.87 billion, which marks the first time the carrier edged out Cingular Wireless' quarterly revenue ($9.55 billion). Verizon Wireless also enjoyed a net add of 1.9 million new subscribers to bring its total to 56.7 million, but Cingular clocked in at 58.7 million subs. This marks the ninth consecutive quarter that Verizon Wireless added more than 1.5 million retail net customers. Verizon also reduced churn to a mere 1.24 percent of its customer base, while Cingular reported 1.8 percent churn last quarter.
For more on Verizon Wireless Q3:
- see this WSJ article (sub. req.)
- take a look at this article on Cingular's Q3
- also check out this article on Verizon's Q2