Verizon reports profit

US telco Verizon Communications has reported that its revenue and earnings continued to grow in the first quarter 2009 and that it continued to generate strong cash flows. Despite the general economic climate, sales remained strong for wireless, FiOS and strategic business services.

Verizon’s total operating revenues grew 11.6 per cent to $26.6 billion, compared with the first quarter 2008, as the company added revenues from its acquisition of Alltel Corporation in early January 2009.

– Verizon added 299,000 net new FiOS TV customers. The company had 2.2 million FiOS TV customers, an increase of 83.8 per cent compared with the first quarter 2008.

– FiOS TV sales penetration (sales as a percentage of potential customers) increased to 22.9 per cent, compared with 18.7 per cent in the first quarter 2008. FiOS TV service was available for sale to 9.7 million premises by end of the quarter.

– Verizon added a record 298,000 net new FiOS Internet customers. The company had nearly 2.8 million FiOS Internet customers, an increase of 55.5 per cent compared with the first quarter 2008.

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