Looks like it's the time of the quarter in which companies begin sharing their earnings reports, as this morning Verizon has shared its first quarter 2012 results. Verizon Wireless saw quite a bit of revenue growth in the quarter, with retail service revenues growing 8.9 percent year-over-year to $14.9 billion and service revenues increasing 7.7 percent year-over-year to $15.4 billion. Data revenues saw an even bigger growth in Q1, jumping 21.1 percent (or $1.1 billion) compared to a year ago to $6.6 billion.
On the customer side of things, Verizon added 734,000 retail net subscribers in the quarter, which includes 501,000 retail postpaid subs. That brought Big Red to a total of 93 million retail customers at the end of Q1 2012, a year-over-year increase of 5.2 percent, including 88 million retail postpaid subscribers. Verizon also notes that almost 47 percent of its postpaid customers were using smartphones at the end of the first quarter, up from 43.5 percent at the end of Q4 2011. Of all the devices that Verizon sold in the first quarter, 2.9 million were LTE-capable, 2.1 million of which were 4G smartphones. Verizon says that 8 million of its customers are using LTE products, two-thirds of which are smartphones. Verizon also sold 3.2 million iPhones in Q1 2012.
Overall it looks like Verizon had good quarter to kick off 2012. It saw a growth in revenues and total subscribers, and it continued to build out its LTE network and sell 4G-capable devices to customers. I'm sure that it'd like the to see LTE device adoption increase even further, and it'll be interesting to see how that growth happens as Verizon continues to introduce new, more affordable 4G products. For those of you interested in some light reading with your morning coffee, you can check out Verizon's full Q1 2012 report right here. How many of you are currently rocking a Verizon LTE device?