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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.
More News: Verizon (291) | Reports (219) |
Mon Aug 30, 2010 12:22 pm
Samsung today announced that the Fascinate, an Android-powered smartphone for Verizon, is now available for pre-order at Best Buy locations.
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Fri Aug 27, 2010 1:18 pm
AT&T, Verizon, Sprint and T-Mobile control 90 percent of the wireless market, making it hard for smaller companies to compete, according to government report.
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Fri Aug 27, 2010 12:42 pm
Verizon is rolling out an Android 2.2 update for the Droid Incredible today, with the first group of owners receiving an over-the-air download and others getting it in the next few days.
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Mon Aug 23, 2010 12:11 pm
Verizon has invested in CardStar, a startup firm that develops a mobile customer loyalty card application, as the company continues to dabble in mobile payment services.
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Thu Aug 19, 2010 10:39 am
HTC is reportedly developing a tablet computer running Google's Chrome operating system, to be released for Verizon around the holiday shopping season.
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