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Verizon Reports Q2 Earnings – Adds 941K New Subscribers and Earned $5.2 Billion in Profit on $29.8 Billion in Revenue

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Verizon reported its 2013 Q2 earnings this morning, showing solid growth and great numbers spanning the March-June period. While the money aspect isn’t all that intriguing for us, the subscriber numbers are starting to sound very serious. Verizon is reporting that their base is now at 100.1 million customers, up 6.6% from last year. Just in Q2, Verizon was able to add another 941,000 post-paid subscribers to their network. Of those 100.1 million total subs, Verizon reports that 64% of them are smartphone users, showing that flip phones and feature phones are well on their way out of the picture. 

Verizon announced that it activated 7.5 million smartphones this quarter, 6.4 million of those being 4G LTE capable. Although, 51% of activated smartphones were the iPhone. Still good numbers for Android activations though, as it accounts for the majority of the remainder.

For those of you who care about the money side of things, Verizon reported $5.2 billion in profit on $29.8 billion in revenue during Q2. Verizon’s wireless sector brought in a cool $20 billion in revenue, with total business for Verizon up 4.3 percent in revenue and 16 percent in profits.

As we mentioned last night on the DL Show, it will be interesting to watch subscriber numbers after their new VZ Edge plans go live.

Via: Verizon [2]

  • John Plunkett

    Here’s the thing about Verizon: they are glacially slow with new phones. Even worse with updates. They screwed over unlimited data customers, and their family plans are a ripoff.

    However, their customer service is insanely good. My rezound failed and then they sent me two more Rezounds with problems. Really bad. They made up for it though by sending me a new Droid DNA as a replacement the third time. That was pretty cool. And even though the “repaired, like new” phones still had issues the tech support I received on them was awesome and completely free of any attitude or suggestion that it was anything other than their fault.

  • theraskell

    And they still won’t let us use Google Wallet :( Like it would really hurt that margin.

    • SamsungFTW

      There is no limit to their greed… but hey, at least SOMETHING is still unlimited.

  • Tyler

    5 billion of profit….16% profit on operations. Sickening.

  • Bill Buttons

    Unless I missed it, Droid-Life should do an article on how huge a rip-off the new upgrade plans are. If you actually lay out the math, you pay significantly more. The extremely short version is that the way it currently is, the payments on your subsidized phone is built into your monthly rate. The new system keeps the same rates and tacks on payments for your phone on top of that. It’s insane.

  • feztheforeigner

    Wait on Big Red iPhones are not only the plurality but also the majority?! What has the world come to??

  • rodney11ride

    To those who left big red to “stick it to them” lol

    • SamsungFTW

      Of those who did leave, I’m not sure they were trying to “stick it to” Big Red so much as they were tired of Big Red “sticking it to” them.

  • Lovelyjackson

    I’m making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do, http://www.Pro67.com

  • rabidhunter

    So how about cutting the subsidy fee from our contracts if we choose to go to the Edge plan.

    • SamsungFTW

      LOL

  • Carl W.

    After 3 years of raping my wallet I finally gave them the boot last week. I’m saving over $50 a month now with Sprint and I couldn’t be happier.

    • Tim242

      Sprint? Hahahaha

    • timrcm

      That’s the first time I’ve seen someone say they’re HAPPY with Sprint in a long time…

  • Dave S.

    With earnings like that, every Verizon customer should have free Unlimited Data.

    • Scott

      They have earnings like that because they don’t.

    • LiterofCola

      Why should they? Stop being so entitled.

      • Cowboydroid

        People have every right to feel entitled to what they PAY for.

        • James_75

          Who’s not getting what they paid for? Everyone pays for what’s in their contract with VZW do they not? It’s the feeling entitled to services that aren’t in your contract that is sounding off the wambulance sirens. I’m tired of people crying about paying for something they agreed to pay for in the first place.

          • Cowboydroid

            Yes, it’s a contractual relationship, however one in which Verizon attempts to confuse and mislead the customer, and also attempts to alter with disturbing frequency. If customers feel they deserve more than what they’re getting for handing their money to Verizon, then they are entitled to that. The best tool they can use is to simply leave and give their money to someone else. Which is what I’m doing.

          • James_75

            Your attitude is one of the reasons the housing crisis happened. You pay for what’s in your contract and when you don’t, there are repercussions. If you don’t understand the language then don’t sign the thing. You’re not entitled to anything “more” than what you’ve agreed to trade your money for to begin with. How do they attempt to “alter” your contract? The best “tool” anyone has in this case is to read and understand what they are agreeing to in the first place. Whatever happened to individual accountability and responsibility?.

          • Cowboydroid

            Wrong, the housing crises was the result of Congress assuring those with poor credit that they were just as entitled to a house as those with good credit. There’s a huge difference in actually being able to pay for something versus not.

            The point is that we were all getting unlimited data at one point. And we were paying the same then as we are now, but we’re not getting the same product in return.

            Individual accountability and responsibility went out the door decades ago. Corporate liability went out the door a couple hundred years ago.

          • James_75

            Congress forced no one to buy homes they couldn’t afford just like VZW forces no one to buy cell service they either can’t afford nor want to agree to if they don’t see the value. It’s no wonder individual responsibility has gone out the window with people like you telling others that it’s someone else’s fault and not their own. Corporations are found liable every day in court cases all across America where fraud has been proven to exist. Some may get away with it but there has been no such fraud where Verizon is concerned. When you find it let me know and I’ll be the first one to throw stones at them.

          • zurginator

            Exactly… People are greedy.

            Oops, did I just use greed to describe something other than a large corporation? My bad.

  • A.J.

    If the VZ Edge plan works as expected, I will never leave Verizon. Nowhere else can you get unlimited texting and data for $9.99 a month. Until they push me off of my plan (which I’m not sure how likely that is if I never sign another contract) I’m staying put, even if I have to buy my phones at full retail.

    • shdowman

      Edge does not apply to those with unlimited data. Sorry, but I’ll burst that bubble right now for ya..

      (And on a side note, might I recommend doing the math on that..it ain’t cheap) :)

  • EC8CH

    Profit up 3.7 time that of revenue…

    all those new fees and elimination of discounts seem to be going somewhere.

  • master94

    At this rate vzw will never learn its lesson and keep raping us for all our worth

    • James_75

      You can’t rape the willing.

  • RidiculousPlans

    “But we can’t offer unlimited data any longer….just not possible”

    • timrcm

      Well, to be fair, if they’re adding this many subscribers every quarter then that statement does kind of stand. I’d personally prefer to see more sane starting caps though… maybe start out with 5GB for the current price of 2GB. It’s 2013 damnit, I want my videos in HD.

      • http://www.youtube.com/user/nemesis099 Nemesis099

        I agree I understand some abused the unlimited by using 60GB a month but why set it to 1 or 2GB when they could have made a reasonable limit at say 5 or 7GB which most people wouldn’t use? Never mind the fact that you can’t carry extra GB over each month for that one month you might not have wifi.
        I keep debating on switching to Sprint or T Mobile but I’m worried about coverage not for where I live now but when I travel as that is when I really use my phone.

        • Justtyn Hutcheson

          http://www.pcworld.com/article/249532/smartphone_data_shake_up_the_end_of_unlimited.html

          Unlimited is really only useful if you are a heavy user of mobile data for streaming audio and video. Since the majority of users are not, most are just fine with 2GB limits.

          My wife and I, unfortunately, are not part of that group.

          • http://www.youtube.com/user/nemesis099 Nemesis099

            While I agree I typically use between 2-5 GB a month where my wife uses 300-600MB a month. With me 2GB would not be enough where with her it would be fine. Either way I would end up spending more on a plan as the 1GB plans are too small for us to share.
            If Verizon had made it 5GB I probably would be fine with a share plan as I could try and use Wifi more often. 1GB seems rediculous to me especially when they rolled out lte.

          • Justtyn Hutcheson

            Again, that was just an average. As pointed out in the article, those who are heavy users (aka techno-geeks like us who visit enthusiast websites) will use more data since we tend to use our devices more.

            Unfortunately for us, the average will always dictate the minimum acceptable range. But, honestly, that is as it should be.

      • michael arazan

        With 100 million Americans on Verizon, I’d hope their would be better regulations, to protect the customers, and prevent price gouging of the Airwaves that we the citizens Own, and is only leased by Verizon on our behalf.

        FYi, the average American paid more in taxes than Verizon, VZW paid 2.9% in taxes

        • James_75

          Using your logic we’d still be on 1G. Profits = more advanced technology. Sure, take away the profits and raise their taxes.. the customer ends up paying for it in the end either via increased rate plans or less employee pay/benefits. Besides, people have options that cost less. You can’t call it gouging when other options exist, not to mention the fact that having a cell phone is luxury and not a “right” you’re entitled to. It’s not any providers fault that the government only leases the “airwaves” you mention. I’m sure they’d be more than happy to own it, trade it, or sell it if they could.

  • mustbepbs

    I definitely need to get around to starting a multi-billion dollar industry…

    Hmm..

    • Geoff Johnson

      Mustbepbs Wireless

      • mustbepbs

        You’re onto something, friend.

        Shall we make this a joint venture?

        • zurginator

          Hit me up when you need logo and ad work done.

  • shdowman

    They do indeed have the best coverage in the US. Reliable and fast. No one questions that. Their practices for milking their customers for every last nickle is ridiculous. I get that they are a business and businesses exist to make $. But as most of us have seen over the years, they went from being one of the most consumer friendly wireless providers to, well…

    That being said, is it a big surprise that they are raking in the cash? The average joe has no idea how bad they are having it handed to them.

    • fillyo75

      Well, I’m a subscriber, and a shareholder, so despite my phone bill (which I’m locked in on a great contract), I have also done very well on my shares since i bought most in low 30s!

    • Cowboydroid

      I’ve found them to be more and more unreliable, and not very fast. Their download speeds have slowed to a crawl, and I frequently drop down to 3G. I used to think Verizon had the best coverage also, but I just don’t think that’s the case anymore.

  • Joshua Bailey

    Ho-hum

  • kali bred

    As a wireless worker i can say that most phone activations on Verizon are fraud that get deactivated soon after and they usually go for iphones because of the high resale value

  • tech247

    As much as we bitch and whine on here about Big Red’s lame phone selection and expensive plans, it is obvious that we are a very very very small minority. They are firing on all cylinders. Their performance guarantees that no major changes will be made to the way they operate. We will continue to complain while they give us the middle finger and continue raping other uninformed subscribers.

    • Ian Smith

      very true! just those new customers starkly outnumber the likes of us, hands down. add that to the percentage of iPhone activations and it’s easy to see how much our suggestions & opinions will be overshadowed by MASSIVE profits.

      • TheWenger

        Well, “iPhone buyers” and “uninformed subscribers” should be synonymous.

    • zurginator

      It doesn’t help that most of the people bitching keep on paying them anyways.

      • l k

        Not me I just switched to T-mobile and save over 150 dollars a month. What really shocked me is the call quality on my wife’s s4 is better than Verizon here in Columbus Ohio and data speeds on HSPA+ are higher than LTE here. I couldn’t be any happier right now. I myself finally get to enjoy a nexus device (Nexus 4) without any of the BS.

        • dtraini30

          Oh really??! I live in Columbus too and really want to know more information lol. Is it really that much better? I’m glad to hear that HSPA+ is good here, although I wouldn’t be surprised to see 4GLTE here soon.

        • zurginator

          As did I. The $30/mo bill has already saved me the cost of my ETF and N4.

        • Cody

          Hey go Bucks.. I live in Columbus too..My buddy is on Tmo too and he has Lte and it’s about 60 percent faster than Verizon Lte.

      • LiterofCola

        That’s the best part

      • shdowman

        I went to Sprint recently. Is the service on par? No, but I know what I am paying for and am hoping SoftBank lays the hammer down on expansion and quality of service. It’ll be a bit but in the interim I am saving over $100/mo.

      • michael arazan

        If you can’t beat them…..

  • El_Big_CHRIS

    And of course vzw will report an even more impressive 4th quarter once regular joes begin to take advantage of upgrading their phones with their double dip plans.

  • http://thebeeobee.com/ thebeeobee

    BOSS COMPANY. Everyone else is just pretenders.

  • Zacharypt

    Let loose the trolls of war in 3…2….1