Verizon announced double-digit percentage growth in year-over-year quarterly earnings, posting $32.2 billion in operating revenues in the second-quarter of this year. The largest Mobile Operator in the US recorded $165 million from IoT and telematics in the quarter, totaling about $320 million year to date.
Overall, Verizon recorded strong growth in the wireless segment, posting strong post paid subscriber growth with a 1.1 million net retail adds, nearly twice the net additions in first-quarter of this year. It also showed an impressive 0.9% churn during the quarter. At the end of this second-quarter, the company had 109.5 million retail connections, a 4.7 percent year-over-year increase.
Verizon said that 4G devices now constitute approximately 73 percent of the retail postpaid connections base, with the LTE network handling about 87 percent of total wireless data traffic in second-quarter 2015. Overall traffic on LTE has essentially doubled in the past year.
Chairman and CEO Lowell McAdam
Verizon has delivered another quarter of strong financial and operational results, based on consistent network reliability and superior value that continues to attract new customers. In the second quarter, we again balanced quality Verizon Wireless connections growth with low churn and profitability, and we announced and completed our acquisition of AOL. We’re now poised to offer customers exciting new over-the-top (OTT) mobile video services, and we look forward to a very positive second half of 2015.
Verizon CFO Fran Shammo
We are committed to building the business for future growth. In the first half of this year, we invested approximately $18 billion in spectrum licenses and capital for future network capacity. We also invested more than $4 billion to acquire new capabilities with the AOL transaction, which supports our longer-term video strategy. In addition, we returned more than $9 billion to our shareholders in the form of dividends and share repurchases.