Verizon Communications, Inc. suffered shrinkage in its wireline business in the second quarter as operating revenues fell 3.1 percent to $9.9 billion.
Still, the company had reason for optimism even in the landline business. Consumer revenues grew 2.5 percent versus the year-earlier period in what Verizon noted marked "the highest increase in several years."
Verizon’s FiOS business has bolstered the consumer unit. FiOS services produced 65 percent of consumer wireline revenues in the second quarter, and the company reported 70 percent of FiOS consumer customers purchased a "triple play" of phone, Internet and TV services.
Enterprise spending was sluggish. Global enterprise revenues fell 3.4 to $3.8 billion compared to the year-earlier period.
Keeping with its enviable track record, the wireless business continued to bolster Verizon’s bottom line. On a consolidated basis, Verizon’s revenues rose 3.7 percent to $28.6 billion while its earnings per share grew to 64 cents from 57 cents in the year-earlier period.
In spite of its leading position in the marketplace, Verizon Wireless continues to grow its subscriber base and revenues. Wireless service revenues increased 7.3 percent to $15.8 billion, thanks in part to an 18.5 percent spike in data revenues ($6.9 billion). Excluding acquisitions and adjustments, Verizon Wireless wooed 1.2 million retail customers, including 888,888 subscribers signing a contract.
Verizon also revealed that its wireless retail postpaid churn was 0.84 percent, its lowest in four years and an improvement of five basis points year over year.