Verizon Communications Inc. added 2.2 million net subscribers on Verizon Wireless’ network during the recently closed quarter, bringing its total to 106.3 million connections, including 89.7 million retail customers.
The company’s wireless business saw a 10.2% year-over-year increase in revenues to $17.3 billion and data revenues were up 22.2% to $1.1 billion. The company close the quarter with $1.61 billion in profit. Average revenue per user (ARPU) for retail postpaid customers grew 1.9% from the year-ago period to $54.12 and data ARPU jumped 15.2% to $21.26.
The company added 1.3 million retail postpaid customers and 890,000 wholesale customers during the quarter.
At the end of the quarter, the carrier had 36% of its customers on smartphones, a jump from 32% in the previous quarter, but remarkably lower than AT&T Inc.’s recently reported rate of 49.9%. Verizon wants at least half of its customers to be on smartphones by the end of the year.
Retail postpaid churn hit a three-year low of 0.89%, an industry low, while total retail churn was 1.22%.
As of yesterday, Verizon Wireless’ 4G LTE network is available in 102 markets, covering more than 160 million people. The carrier plans to have the network live in more than 175 markets, covering a population of more than 185 million people by the end of the year.
During an earnings call with investory and analysts, CFO Fran Shammo said the carrier activated 2.3 million iPhones during the quarter and 23% of those acivations came from new customers. AT&T activated 3.6 million iPhones during the the same period.
However, Verizon also sold 1.2 million 4G LTE smartphones and data devices during the quarter.