Verizon Posts First Quarter Revenue, Off to an "Excellent Start," Chief Says

Verizon was anything but bashful in revealing its first quarter financial numbers for 2013. Company chairman and CEO Lowell McAdam said, "Verizon is off to an excellent start in 2013," and that's hard to dispute when looking at a 15.3 percent year-over-year increase in earnings per share and a 4.2 percent jump in total operating revenues. Net income for the quarter reached $1.95 billion, up 15.8 percent compared to the same quarter a year ago.

Big Red's wireless business grew 8.6 percent year-over-year, part of which was the result of adding 677,000 new subscribers. Verizon's total customer base is now 98.9 million large. It's also serving up 4G LTE service in 491 markets across the U.S. That's well ahead of AT&T, which is only serving around 180 markets.

Image Source: Flickr (Eric Hauser)

"Our strategic investments in wireless, wireline and global networks have given us the platforms to sustain momentum and take advantage of growth opportunities in key markets for broadband, video and cloud services," McAdam added. "With ongoing improvements in operating efficiency, we expect continued growth in free cash flow and earnings as we move through the year."

Verizon's wireline business added 188,000 FiOS Internet customers, marking the third consecutive quarter of sequential growth in net customer additions. It also added 169,000 FiOS Video customers, giving it a total of 5.6 million FiOS Internet and 4.9 million FiOS Video connections at the end of the quarter.