Despite all the balls rolling around on your TV screen and the acrimony flying around between U.S. carriers, Verizon continued to solidify its position in the wireless market with continued strong, positive financial results during the first quarter of 2016. In their earnings report released today, Verizon indicated they added 640,000 retail postpaid subscriptions despite the first quarter usually being low volume. This bumped Verizon up to over 112 million connections which was a 3.7 percent year-over-year increase.
Financially, Verizon Wireless saw operating income for the quarter come in at $7.9 billion on total revenues of $22.0 billion. Revenues were down slightly compared to the first quarter of 2015, a change that Verizon says is caused by customers choosing unsubsidized device payment plans. On the other hand, phone activations on installment plans increased to 68 percent, a one percent change from the prior quarter. Verizon expects this to increase to 70 percent during the second quarter.
Verizon indicates that out of the 112 connections, almost 74 million are smartphones with 81 percent of those being 4G capable devices. Verizon also said that 92 percent of total data traffic is now travelling across the LTE network which is handling about 50 percent more traffic than a year ago.
Overall, Verizon had over $32 billion in operating revenues for the first quarter of 2016. Along with their wireless segment, Verizon indicated their wireline business is doing well thanks to Fios where 98,000 new Internet connections were added and 36,000 new video connections were made.
The company also noted that revenue streams from Internet of Things (IoT) business grew by 25 percent year-over-year. Revenues for this component were approximately $195 million for the quarter.
source: Verizon
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