Investors who own stock in Verizon
should feel tickled green today, the color of cash, which Big Red finds itself swimming in. The wireless carrier reported second quarter financial results, revealing it collected $29.8 billion in total operating revenues, representing a 4.3 increase compared with the same quarter a year ago.
Wireless performance played a big role in Verizon's Q2 performance. Big Red added 941,000 contract subscribers, up 6 percent year-over-year, and now boasts 100.1 million total retail connections. The influx of wireless customers is due, in part, to Verizon's widespread 4G LTE network
, which is now available to 301 million people in 500 markets across the U.S.
"Verizon’s consistent strategic investments in wireless, FiOS and global networks drove strong financial performance in the first half of 2013," said Lowell McAdam, Verizon chairman and CEO. "Having posted double-digit earnings growth in five of the last six quarters, we are focused on continuing to provide the best portfolio of products on the most reliable networks; capturing incremental revenue growth in broadband, video and cloud services; and sustaining our earnings and cash-flow momentum."
The wireless carrier earned a profit of $5.2 billion, or $2.2 billion after paying Vodafone, which owns a 45 percent controlling stake in Verizon.