Verizon reports 5.3% growth in mobile business

Verizon reports 5.3% growth in mobile business

Verizon Communications has released its results for Q2 of 2015, revealing strong profit growth in its mobile business.

The operator posted total revenues for its mobile business Verizon Wireless at $22.61 billion, up 5.3% from $21.48 billion. Its total operating revenue was $32.2 billion, an increase of 2.4% over the same period last year. Service revenues totalled $17.7 billion, a 2.2% decrease from the previous year.  

Verizon said its top-line growth was driven by emerging revenue streams from its internet of things and telematics businesses which contributed $165 million in Q2 2015.

“Verizon has delivered another quarter of strong financial and operational results, based on consistent network reliability and superior value that continues to attract new customers,” said chairman and CEO Lowell McAdam.

“In the second quarter, we again balanced quality Verizon Wireless connections growth with low churn and profitability, and we announced and completed our acquisition of AOL. We’re now poised to offer customers exciting new over-the-top mobile video services, and we look forward to a very positive second half of 2015.”

In addition the operator reported an additional 1.1 million retail postpaid subscribers, almost twice the net additions in Q1 2015. Of those, 842,000 were 4G smartphones, with approximately 73% of retail postpaid user base owning those devices. 

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