Verizon Communications shared its third-quarter earnings for 2013 this morning, beating Wall Street projections thanks to the continued growth of its mobile business, Verizon Wireless. The company reported a profit of $2.2 billion over the past three months, compared to $1.59 billion for Q3 2012, sending its stock price up by over two percent in early trading. Verizon Wireless sold more than 7.6 million smartphones in Q3, noting that new iPhones made up just over half of all sales, compared to the 43 percent Apple’s handsets made up in Q2.
The company earned 77 cents per share in Q3, surpassing expectations of around 74 cents, and reported a profit margin of 51.1 percent. While Verizon Wireless led the company’s growth for the most part, it fell short of Wall Street projection for total subscribers added, growing its network by only 927,000 users compared to analyst projections ranging as high as 1.2 million and averaging around 1 million new customers.
The country’s biggest carrier has continued to expand its cellular footprint, with Verizon Wireless revenues increasing by 7.2 percent in Q3 while Verizon’ Communication’s revenue from landlines increased at a slower rate of just 4.3 percent. The company is still working through its expensive plan to buyout Vodafone’s 45 percent stake in its wireless venture, but expects profits will continue to increase in Q4 despite the proposed $130 billion deal.