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Verizon quarterly profit hits $4.6 billion, annual profit falls 11.9%

January 25, 2011 |  9:25 am

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Verizon Wireless added 872,000 mobile subscribers in the fourth quarter of 2010 -- down from 1.1 million in the same period a year earlier.

The company announced the slight dip along with its fourth-quarter and annual earnings on Tuesday, the company said in a statement.

One reason for the slight decline could have been customers awaiting the Apple iPhone's arrival on the nation's largest mobile carrier.

The iPhone is hitting Verizon stores on Feb. 10, and the company is surely hoping it will bring them millions of customers in the process.

In a conference call with analysts on Tuesday, Verizon's Chief Financial Officer Fran Shammo said the company wouldn't have the same problems with its iPhone debut as its rival, AT&T.

"We're not going to have any flaws on the execution of the iPhone launch," Shammo said, according the Associated Press.

Profit in the fourth quarter was $4.6 billion, up from $2.4 billion in Q4 2009. Verizon reported a fourth-quarter revenue of $26.4 billion, down 2.6% from $27.1 billion.

Annual profit fell 11.9% to $10.2 billion from $11.6 billion in 2009. Revenue for the year fell 1.2% to $106.6 billion.

Verizon also said it sold 86,000 tablets in Q4 as well -- a mix of iPads sold with 3G wireless hotspots and Samsung Galaxy Tabs sold with 3G data plans, the AP reported.

The company also launched its 4G LTE network in December, selling about 65,000 4G wireless modems for laptops in three weeks.

In December, Verizon's 4G LTE network was available in 38 major metropolitan areas and more than 60 commercial airports. Verizon is looking to expand its 4G network to 140 more markets by the end of 2011.

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-- Nathan Olivarez-Giles

twitter.com/nateog

Photo: A Verizon wireless store is seen in Glendale, Calif. Credit: Damian Dovarganes/Associated Press

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