Verizon Wireless, Telecommunications giant finished the year 2013 on a strong note, with high revenue and earnings per share in fourth quarter of 2013. The company also announced, the purchase of Intel Media assets of the Intel’s business division. The intel media asset is specially dedicated to develop cloud TV products and associated services.
Verizon reported revenue of $31.1 billion in fourth quarter, which is a 3.4% increase as compared to same time last year. The revenues are slightly high than analyst predictions of $31 billion. Net income of Verizon stood at $7.9 billion, with $1.76 earning per share.
Fourth quarter earnings per share, on a non-GAAP basis, came at 66 cents per share, a whopping increase of 73.7% over fourth quarter of the last year (affected by Superstorm Sandy).
Verizon on a full-year basis, reported $4.00 per share earnings in 2013, compared with 31 cents earnings per share in 2012. Verizon total operating revenues for full-year 2013 remained at $120.6 billion, a steady increase of 4.1% ($4.7 billion) compared to 2012.
Verizon in 2013 delivered return of 18.6 percent to shareholders in total.
Verizon chairman and CEO, Lowell McAdam, said in a statement that Verizon is looking forward in 2014 to acquiring te sole ownership of Verizon Wireless.
Verizon quarterly results improved due to higher phone bills per month and revenue per account grew by 7.1% to $157.21 per month. The news was good for the Verizon but bad for the customers.
Verizon in the quarter added over 1.6 million subscribers, 218,000 of which were either FiOS video net or FiOS Internet additions. FiOS in total saw a 15.6% increase in revenue on year-over-year basis.
Verizon recorded a charge of 19 cents or $540 million per share, for transaction costs which are related to acquisition of Vodafone’s holdings.
Verizon in a statement said that Verizon’s fiber-optic services and Intel’s ‘OnCue’, a primary TV product, will be integrated to enhance company’s offerings.
Shares of Verizon moved up about 1.1%, after the reported revenues in fourth quarter and Intel acquisition news. Intel stocks, however declined by 1% while Vodafone remained essentially flat.