NEW YORK (AP) — Verizon posted fourth-quarter net income of $5.07 billion, boosted by continued growth in the number of phones and tablets connected to its network.
The largest U.S. cellphone carrier reported increases in both the number connected devices and its wireless subscriber population. Its results reported Tuesday beat Wall Street predictions.
New York-based Verizon said overall service revenue rose 8 percent to $17.7 billion.
The company added 1.7 million net retail wireless connections during the quarter, excluding acquisitions and adjustments. Of that total, 1.6 million were connections that involved monthly service contracts.
As of Dec. 31, Verizon had a total of 102.8 million retail connections, marking a 5 percent increase over the same time a year ago. The 2013 total included 96.8 million connections with monthly contracts.
Francis Shammo, Verizon's executive vice president and CFO, said on a conference call with investors that the company got a big boost from new contracts for tablet service, which totaled 790,000 and marked the largest quarterly total since tablets were first introduced in 2010.
Meanwhile, Verizon's overall population of retail wireless subscribers increased 4.5 percent to 35.1 million, with each customer having an average of 2.8 connected devices.
The company's wireline division, which provides landlines along with the company's FIOS internet and TV services, also saw growth. Consumer revenues at that division rose 6 percent to $3.8 billion, as FIOS-related consumer revenue jumped 15 percent to nearly $2.8 billion.