Verizon has just released its financial report for the second quarter of this year, and unsurprisingly, it's another solid quarter for the largest carrier in the US. Verizon reports adding 941,000 subscribers between March and June, and raked in $5.2 billion in profit on $29.8 billion in revenue. After splitting its profits with Vodafone, which has a 45 percent controlling stake in Verizon, Verizon itself earned $2.2 billion. The wireless arm of the company brought in $20 billion in revenue. Compared to last year, Verizon total business is up 4.3 percent in revenue and 16 percent in profits.
The 941,000 new postpaid subscribers bring Verizon's total postpaid user base up to 94.3 million, and the carrier claims to have a total of 100.1 million users, an increase of 6.6 percent over last year. Unsurprisingly, smartphone adoption continues to grow among Verizon's postpaid customers, as 64 percent of users are now on smartphones, compared to 61 percent last year. Verizon says that it activated 7.5 million smartphones and 6.4 million LTE devices this quarter. Over 51 percent of those activated smartphones (3.9 million) were iPhones, claims the carrier.
This quarter saw Verizon complete its initial rollout of 4G LTE service, which it started back in December 2010. Verizon's LTE is now in all 50 states covering over 500 markets and 95 percent of the US population, or just about 301 million people.
Verizon will be hosting a call for investors to discuss its quarterly report later this morning — we'll be tuned in to report any news that comes out of it.
Update: During the call for investors, Verizon CFO Fran Shammo confirmed that the carrier plans to launch a new financing program call Edge, though he declined to provide any details surrounding it. Edge is expected to be Verizon's answer to T-Mobile's Jump and AT&T's Next programs, which allow users to get get new smartphones more often than usual, though at a higher cost to the subscriber.