Verizon 3Q16 revenues drop 6.7% to USD30.9bn; LTE users reach 90.6m

21 Oct 2016

Verizon Communications has reported total operating revenues of USD30.937 billion for the three months ended 30 September 2016, down 6.7% from the USD33.158 billion figure generated in the third quarter of 2015. Operating income for the third quarter plummeted from USD9.744 billion to USD6.540 billion, while net income dropped from USD4.171 billion to USD3.747 billion year-on-year.

In operational terms, the company’s mobile unit Verizon Wireless saw its user base climb from 110.760 million in 3Q15 to 113.676 million at end-September 2016, of which 90.6 million utilised LTE-capable devices. In terms of fixed line metrics, Verizon Communications claimed a total of 5.585 million fibre-optic ‘FiOS Internet’ subscribers and 4.673 million ‘FiOS Video’ IPTV connections at the end of the period under review. The telco’s overall broadband user base stood at 7.038 million at 30 September, with fixed voice accesses standing at 14.194 million at the same date.

Chairman and CEO Lowell McAdam commented: ‘While we transform our company in a challenging environment, we have maintained the financial flexibility to invest in our industry-leading networks to better serve customers, add scale to bring innovation to the mobile media and Internet of Things (IoT) markets, and increase dividends for a tenth consecutive year.’

United States, Verizon Communications, Verizon Wireless