Verizon 3Q Profits Dip 30%, Wireless Falters a Bit
Verizon Communications Inc.’s (VZ) third-quarter 2009 earnings failed to excite the masses but still, the company reported a profit.
Granted, that $1.18 billion net income was down from the $1.67 of the same period a year earlier. Revenue, however, jumped 10.2 percent to $27.27 billion, fueled by wireless (thanks in large part to the Alltel acquisition) and FiOS adoption.
Verizon’s wireline side of the business suffered from the global economic recession as well as declining use of landline phones. The enterprise and wholesale units, though, are objects of the company’s hopes; executives expect improved margins as the worst financial situation since the Great Depression eases.
