Verizon Sells 4.5M 4G LTE Devices in Q3

Verizon Wireless massively increased its 4G device sales in the third quarter, thanks to strong sales of LTE-powered iPhone and Android smartphones, tablets and Wi-Fi routers.
Verizon sold 4.5 million 4G LTE devices in the third quarter of 2012. The Basking Ridge, N.J.-based operator sold 1.4 million LTE devices in the same quarter last year.
The company shifted 3.4 million Android smartphones in the quarter, with 3 million supporting LTE. Verizon switched on 3.1 million iPhones in the quarter. Twenty-one percent, or 650,000, were new iPhone 5 smartphones that support LTE.
Verizon noted supply shortages for the iPhone 5 in the quarter and said that it didn't know if that will continue in the next quarter.
4G LTE devices now represent a significant part of the company's entire wireless user base. "Twenty-five percent of our smartphones and 51 percent of Internet devices are now 4G LTE," said Verizon CFO Fran Shamoo on the company's third-quarter call Thursday.
Internet devices are wireless tablets and routers that can connect other devices to the LTE signal via Wi-Fi.
Verizon is far ahead of any rivals in the U.S. in providing 4G LTE connectivity. The company said on the call that it now has 419 LTE markets live. This represents more than 80 percent coverage of LTE in the U.S., covering more than 250 million people.
Despite the LTE expansion, capex for the whole of 2012 is expected to be lower than 2011 capital expenditures of $16.2 billion.
That's due to lower spending on the 3G network, according to Shamoo.
The numbersFor the third quarter, Verizon made a profit of $1.59 billion, or $0.56 per share, on revenue of $29 billion. That compared with a $1.37 billion profit, or $0.49 cents per share, on revenue of $27.9 billion in the same quarter a year ago.
The revenue total for the third quarter slightly beat the expectations of analysts polled Thomson Reuters .
Verizon Wireless contributed much to Verizon's top line, reporting a 7.5 percent increase in its service revenue to $16.2 billion over the summer quarter. It added 1.8 million new subscribers compared with 882,000 in the quarter the year before.
The operator said that smartphones constitute more than 53 percent of Verizon Wireless's monthly contract customer base, up from 50 percent at the end of the second quarter of 2012.
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