Verizon Wireless Subscriber Numbers Surge

The USA's Verizon Wireless has reported that it added 1.1 million net new retail customers in the second quarter, up 34% from the second quarter 2001, and reduced retail churn to 2.0%. Total customers increased by 723,000 in the quarter to 30.3 million, an 8.5% increase year-over-year. The retail churn of 2.0% was down from 2.2% the prior year, and down from 2.3% in the first quarter. Total company churn, including retail and wholesale, was 2.3%, flat from the prior year quarter.

The company's reseller base decreased by 378,000 subscribers during the quarter, closing at 1.4 million resale customers. Verizon Wireless and WorldCom have signed a referral agreement to facilitate some of the remaining 310,000 WorldCom customers entering into contracts directly with Verizon Wireless. Verizon Wireless' previously announced acquisition of Price Communications is on schedule to close in August, and will further increase the company's customer base by approximately 500,000 customers.

"While our second quarter subscriber growth is strong on its own, it is the combination with our strong financial performance that will be reported later this week that makes this an exceptional quarter," said Denny Strigl, president and CEO of Verizon Wireless. "We continue to execute on our disciplined strategy of quality network, quality customer base and profitability."'"

Posted to the site on 30th July 2002