Verizon marks 5% annual increase in subscriber numbers

Verizon, the largest mobile phone carrier in the US, reported a 5% rise in retail connections.

In a trading update, the company said it had a total of 102.8 million subscribers at the end of December, 96.8 million of whom were on monthly contracts for phones and tablets.

Moving on to financials, Verizon said its overall service revenue rose 8% to $17.7 billion (£10.8 billion) with a fourth quarter net income of $5.07 billion.

In a call to analysts, CFO Francis Shammo said the company got a huge boost from its new contracts for tablet services, which totalled 790,000. It marked the largest quarterly total since tablet data carriage was first introduced in 2010.

He also said Verizon expects its $130 billion acquisition of Vodafone's 45% stake in its wireless division to close on February 21. Upon the conclusion of the deal, Verizon will no longer have to share its wireless revenue with the British company.

For the full year 2013, group revenue rose to $120.55 billion from $115.85 billion. Yesterday, Verizon announced that it had reached a deal to buy chipmaker Intel's cloud TV products and services business.

The terms and financials of the Intel deal were not disclosed and Shammo declined comment. However, he commentated that the acquisition would help position Verizon to compete in "the whole mobile-first world, and in video."

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