Verizon posts $2.25 billion Q2 profit, adds 1 million new subscribers

Verizon on Thursday posted its results for the second quarter of 2013. Wall Street was looking for earnings to climb 14% to $0.72 per share on sales totaling $29.81 billion, and Verizon narrowly beat the consensus, posting $0.73 in EPS on light revenues of $27.8 billion. In the same quarter last year, Verizon reported a profit of $0.64 per share on $28.55 billion in sales. Verizon’s earnings totaled $2.25 billion last quarter including a one-time pension benefit, up from $1.83 billion in the same quarter last year. Verizon said it added 1 million net new wireless subscribers in Q2 2013, including 941,000 contract customers. Verizon now reports 100.1 million total retail connections, which is up 6.3% over Q2 2012. About 64% of Verizon’s contract wireless customers were smartphone users at the end of the second quarter.

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