It's that time of the year again where we can expect to see a flow of Q3 revenue and earning reports released. Today Verizon has issued theirs for the past quarter, and lets just say they are still doing fine. This morning Verizon announced they hit double-digit earnings growth and sold over 4.5 million 4G LTE devices.
The folks from Verizon Wireless sold a whopping 6.8 million smartphones in Q3 of this year, which is up 7.5% year-over-year, and they also inked another 1.8 million customers into paid 2-year contracts. Good for them huh. They also announced that the average amount users have been paying increased too. While that is good for them, it isn't for us because I'm sure we can all agree we'd like to pay less.
The average revenue per account rose 6.5% to $145.42 which probably has a lot to do with their new Share Everything data plans. So far it sounds like things are still looking quite excellent for the guys over at Big Red. An interesting note on the 6.8m smartphones sold, 4.5 were 4G LTE equipped devices. With about a weeks worth of iPhone 5 sales in Q3 it's safe to say most of that was Android. Go Google!
“Verizon continued to deliver double-digit earnings growth and strong cash generation, and we remain solidly on track to meet our financial objectives for the year” CEO Lowell McAdam stated this morning in the earnings call. Overall Verizon had a great Q3 and is having another excellent year. With overall operating revenues up 3.9% year-over-year to $29 billion, and a Q3 operating income up to $5.5bn. Oh and their 4G LTE network now reaches over 250 million people in 419 markets across the US. Keep it coming!