Verizon reported its fourth-quarter earnings, which fell below analyst expectations.
While there were some highlights for the wireless carrier in the fourth-quarter of 2010, the company reported a 2.6 decrease in revenue from the fourth-quarter of 2009. The company's revenue of $26.4 billion was slightly short of analyst's expectations of $26.48 billion. Its profit increased $4.65 billion, or 93 cents per share, from $2.37 billion, or 22 cents per share, a year earlier.
Verizon ended 2010 with strong results, driven by solid execution across all our businesses. The fourth quarter capped a strong second half of the year, resulting in improved earnings, solid momentum and an even stronger balance sheet, Verizon chief executive Ivan Seidenberg said in a statement.
The company added 872,000 monthly contract customers ahead of the iPhone launch in February. This was actually a decline of 1.1 million customers who came to Verizon a year ago. For its FiOS internet and FiOS TV services, Verizon added 197,000 and 182,000 customers respectively. It added 152,000 reseller customers in the fourth quarter, giving it a total of 94.1 million customers, which still is tops in America.
It said it plans on offering a $30 unlimited data plan for all smartphones according to a report from The Wall St. Journal.
Verizon Wireless produced another quarter of impressive growth, with record-high profitability, as we continue to drive higher smartphone adoption and data use. Following another solid quarter in our wireline businesses, we are optimistic about opportunities to continue to expand wireline margins, Seidenberg said.
In premarket trading, Verizon's shares fell 1.3 percent to $34.78.