By Allen Tsai | Fri Jul 23, 2010 5:31 am |
Verizon today said it swung to a second-quarter loss as the company shrunk its traditional phone business and bought out some 11,000 employees.
The Basking Ridge, N.J.-based company gained 1.4 million wireless subscribers during April-June quarter, but trailed rival AT&T, which added 1.6 million customers, from strong sales of Apple's iPhone. Verizon attracted 665,000 subscribers under contract, fewer than in past years, more than AT&T's 496,000 in the quarter. Contract-signing customers have been drying up for all carriers this year. Its total customer base now stands at 92.1 million, up 5 percent from a year ago. "We showed solid improvement in operational results in the quarter," said Ivan Seidenberg, Verizon's chief executive, adding that it was helped by growth in wireless data and a recovering economy. Verizon, which has been laying off employees in its shrinking traditional phone business, said it lost $198 million in the April-June quarter due to a buyout for 11,000 workers, each receiving a $50,000 one-time bonus. Earlier this week, Verizon acknowledged a flaw in "a very small number" of screens on the Motorola Droid X, its new flagship phone.
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Mon Feb 06, 2012 1:33 pm | By
Verizon and Redbox plan to launch an online media-streaming service, forging a partnership to compete in the crowded field of digital content delivery.
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Wed Feb 01, 2012 4:22 pm | By
Verizon and Comcast are preparing for a Senate inquiry into their pending spectrum deal, as regulators monitor talks for precious airwaves.
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Tue Jan 24, 2012 1:58 pm | By
Verizon is staking its earnings on data services, despite slumping margins from discounted iPhone sales.
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Tue Jan 17, 2012 3:55 pm | By
A new Motorola-branded headset computer will connect to the cloud through Verizon's LTE network, and possibly play a vital role in the law enforcement and medical fields.
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