(Associated Press via NewEdge) Verizon Wireless added 2.3 million customers, most of them prized monthly subscribers, to put a shine on a fourth quarter when Verizon's profit was cut by restructuring costs.
In reporting the 38% drop in quarterly profit, Verizon also emphasized that growth in its DSL and new FioS Internet businesses has outpaced the loss of traditional telephone customers.
In the final three months of 2006, Verizon earned $1.03 billion, down from $1.66 billion, or in the fourth quarter 2005.
The latest figures reflect a charge of $541 million for taxes triggered by the sale of Verizon's operations in the Dominican Republic.
The directories spinoff and the Dominican divestiture were geared toward bolstering Verizon's financial posture as it invests billions in upgrading its copper phone network and readies for the day when cellular partner Vodafone Group might decide to sell its share of Verizon Wireless.
Fourth-quarter revenue totaled $22.60 billion, a 26.1% increase from $17.93 billion in the same period in 2005, though a big chunk of that gain came from the acquisition of the MCI long-distance business in early 2006. About $10.10 billion of the revenue came from the cellular business, up 16.3 % from $8.69 billion a year earlier.
Despite the near-record customer growth, it was a rare quarter where Verizon didn't sign up enough to close the gap further behind AT&T's cell business for bragging rights as the largest wireless provider in the US.
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