VZ reports a 10% rise in 1Q08 net income to $1.6bn, on revenues of $24bn (+5.5%).
Mobile revenues amounted to $11.7bn (+13%) very close to rival ATT Mobile revenues ($11.8bn), and operating income grew 20% to $3.3bn. 2/3 of the revenue growth is owed to data (+49%) and 3 / 4 of its subscribers is using some sort of data service. Verizon Wireless added 1.5m new subscribers in the quarter (of which 87% signed long-term contracts) and ARPU grew more than 1%, while data ARPU jumped over 33% to $12.
Wireline revenues dropped 1.4% in the quarter. Business generated $5.2bn in revenues (almost flat) with strategic services (IP, managed services, optical services, ..) growing 24% to $1.4bn in the quarter. Broadband connections stood at 8.5m (+15%), while total base of phone lines fell by over 8%. Verizon had 1.2m FiOS TV customers at the end of March (average penetration of 20%).