Verizon Q3 revenues up 10.2% to $27.3 billion

Wireless segment revenues up 24% on year ago

Verizon Communications has reported revenue of $27.3 billion for the third quarter of 2009, an increase of 10.2% compared to $24.7 billion for the same period last year. This includes revenues from Alltel, which Verizon acquired in January 2009.

Operating income for the quarter was down by 4.5% to $3.9 billion, compared to $4.1 billion for the same period last year. Total operating expenses were $23.2 billion, an increase of 13.1% compared to $20.5m.

The company posted a net income of $2.8 billion or EPS of $0.41 for the third quarter of 2009, compared to $3.1 billion or EPS of $0.59 for the same period last year.

Verizon wireless segment posted revenues of $15.7 billion, an increase of 24.4% compared to $12.6 billion and wireline segment revenues were $11.5 billion, a decrease of 4.8% compared to $12.1 billion for the same period last year.

For the quarter, Verizon Wireless had 89m customers, an increase of 25.7% compared to same period last year. Verizon Wireline broadband connections increased by 8.5% to 9.2m.

Ivan Seidenberg, chairman and CEO of Verizon, said: Verizon continues to generate strong cash flow, which we have used in building the foundation for sustainable, long-term shareowner value. Even through the worst of the recession, we have continued to raise our dividend and to add new customers, expand markets and grow revenues based on the power and innovation of Verizon's wireless, broadband and global networks.

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