U.S. wireless carrier Verizon posted its fourth quarter results for 2014, showing a net loss in the midst of growth in new revenue streams.
While Q4 total operating revenues rose 6.8% year-on-year to $33.2 billion, the company reported a net loss of $2.148 billion. This considerable fall from net profits of $7.916 billion in Q4 2013 was attributed to expenditure on pension pay-outs and early retirement of debt.
Full-year profits fell from $23.547 billion in 2013 to $11.956 billion. Operating revenues for the full-year were $127.1 billion, showing a 5.4 percent rise compared with full-year 2013. This was driven by an increase in Verizon‘s customer base and an increase of tablet and smartphone sales.
The results were broadly in line with Wall Street expectations, and triggered a minor fall in Verizon’s share price.
Chairman and CEO Lowell McAdam said: "Verizon posted another year of consistently high operating and financial performance in 2014, with strong cash generation and the return of $7.8 billion to our shareowners. I am confident that Verizon’s assets and market momentum position us to continue to drive profitable growth in 2015."