Yesterday, Verizon released their Q1 2012 earnings and revenue financial report and it looks like good news for the technology provider. $0.59 earnings per diluted share, which is an increase $0.08 or almost 16% when compared to last year. Cash flow from operating activities is up $922 million to $6 billion when compared to the same quarter last year and they experienced a 4.6% year-over-year revenue growth this quarter. Very nice!
Wireless revenue grew almost 8% since the same quarter last year and wireline services also grew via Fios video and internet at a gain of over 20%. Verizon currently has 93 million retail customers and 88 million prepay customers. They also have 193,000 Fios internet subscribers and 180,000 Fios streaming video subscribers.
Lowell McAdam, Verizon chairman and CEO comments on the results of this 2012 first quarter:
“Verizon delivered double-digit earnings growth and strong cash flow this quarter,”
“We built momentum coming out of 2011, and our results show that we continue to execute in the key growth areas of our business. Verizon Wireless produced both great growth and great margins, and we produced another strong quarter of FiOS growth. We are confident we will improve Wireline margins for the full year. Our repositioning of Verizon Enterprise Solutions has better aligned our strengths in high-growth markets, and we expect our enterprise business to contribute even more to overall Wireline revenue growth and profitability over time.”
“We remain confident in our ability to take advantage of the growth opportunities we see, and we are focused on driving operating efficiencies. We are on track with our plans and expect to continue to deliver strong results.”