Verizon reports newest quarterly earning results

Verizon has revealed its latest financial results for the April-June quarter, recording that it brought in $27.5 billion in revenue for the time period. According to the company's press release this morning, those numbers are 2.8 percent higher than the revenues Verizon received in the same time period a year ago.

In its wireless division Verizon said it signed up a total of 2.2 million subscribers in the last quarter, bringing its total up to 106.3 million. Verizon, who started selling Apple's iPhone earlier this year. now says that 36 percent of its customers use smartphones. That certainly seems to suggest that Verizon still has plenty of room to grow to add more iPhone users as well as other smartphones based on the Android operating system.

Verizon has been expanding its faster 4G LTE network in the US. Today's press release stated that the network, which launched just eight months ago, is now available in 102 US cities and metro areas that cover 160 million people. Verizon said that it has sold 1.2 million 4G based phones and Internet data devices in the last quarter. In addition Verizon's FiOS fast wired Internet service had a total of 4.5 million users by the end of the last quarter. The company also has a total of 3.8 million FiOS TV users.

In a separate press release, Verizon announced that its CEO Ivan G. Seidenberg is stepping down from his position but will remain chairman of the company. Verizon's president Lowell C. McAdams will become the company's new CEO on August 1.

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