Verizon Profit Rises on Increase in Mobile Customers |
| Bloomberg - Jul 30, 2007 |
Verizon Communications Inc., the second-biggest U.S. phone company, said second-quarter profit rose on a 13 percent increase in mobile-phone subscribers, and that its wireless venture will buy Rural Cellular Corp.
Verizon Wireless, co-owned by Vodafone Group Plc, will pay $757 million for Rural to boost its subscriber rolls in suburban parts of 15 states after trailing AT&T Inc. in customer additions last quarter. The price is 41 percent more than Rural's close on July 27. Verizon shares dropped.
Verizon has relied on the wireless unit for profit growth as home-phone customers switch to mobile handsets or voice plans from cable companies. The unit added 1.3 million clients in the second quarter, compared with 1.5 million for AT&T, which began selling Apple Inc.'s iPhone in June.
Read Full Article from Bloomberg
- Posted: 2007-07-30 10:36:26
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