Somewhere in Verizon Communications Inc.’s (VZ) deepest recesses, there surely is a shrine to cell phone inventor Martin Cooper where Ivan Seidenberg bows, often. Because without wireless, Verizon – not to mention its rivals – would be hurtin’ for certain in this economy.
But, never fear! Verizon added 2.1 million new mobile subscribers in the third quarter of 2008. The adds helped boost income for the nation’s second-largest phone company by 31 percent – more than AT&T Inc. reported last week.
Verizon’s other gains were courtesy of FiOS sales and revenue from Verizon Business.
Seidenberg, Verizon’s chairman and CEO, said recent investments are driving the company’s growth in wireless, enterprise, broadband and video.
“Although the capital markets and economy may present challenges, we will continue to execute on our business plan and invest for future growth,” Seidenberg said in a prepared statement. “We increased the dividend 7 percent this quarter, reflecting confidence in continued growth opportunities.”
Maybe, if Verizon keeps that Cooper shrine stocked with cell batteries and the latest hip devices, this kind of good news will emanate from the carrier every quarter.