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Verizon Earns $5.2 Billion as iPhone Activations Remain Strong

Verizon‘s wireless business keeps rolling along, leading to a second-quarter profit of $5.2 billion, a 21 percent increase from the year-ago quarter.

The New York City-based operator’s earnings rose from 64 cents per share in Q2 2012 to 78 cents in Q2 2013 a 21 percent gain. It was 73 cents per share if you exclude a one-time benefit that resulted from a recalculation of its pension plan.

Revenue was up a little more than 4 percent, to nearly $30 billion. That’s approximately what most analysts were predicting. Revenue for the wireless side of the business was $20 billion, up 7.5 percent.

Verizon reported 7.5 million new smartphone activations, with a little more than half of those being iPhones not bad considering it’s been nearly 10 months since Apple released the latest version of its iconic device. iPhone activations were up more than 40 percent compared to the year-ago quarter. More than one quarter of the smartphone activations were for new customers.

Overall, Verizon added 1 million subscribers last quarter, with the lion’s share signing long-term contracts. The carrier added about 300,000 new subs for its FiOS Internet and TV services.

Verizon Wireless is jointly owned by Verizon and Vodafone.

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