Wednesday, January 29, 2003
Verizon Wireless, the largest U.S. wireless telephone company, improved its revenue and cash flow as it added more customers than expected, the company said.
Verizon Communications said its wireless joint venture with Britain's Vodafone Group Plc increased its operating cash flow to $1.88 billion from $1.41 billion, helped by lower customer turnover, cost cuts and increasing average revenue per user.
Total revenue for the fourth quarter rose to $5.17 billion from $4.44 billion a year ago.
Verizon Wireless added about 964,000 customers in the quarter and it finished the year with 32.5 million customers. Analysts had estimated that it added 800,000 to 850,000 customers in the quarter.
Cingular Wireless, the nation's No. 2 wireless operator, lost customers for the quarter. While No. 3 AT&T Wireless Services Inc. added and No. 6 T-Mobile USA added 705,000 and 1 million more customers respectively. Sprint PCS Group and Nextel Communications Inc. will report results next month.
By: DocMemory
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