AT&T was the first major U.S. carrier to share its Q1 2014 earnings earlier this week, and now it’s Verizon’s turn to let us know how the start of its 2014 went.
Verizon today announced its results for the first quarter of 2014, revealing that it added 549,000 retail net connections, including 539,000 retail postpaid connections. At the end of the first quarter, Verizon had 103.3 million retail connections, including 97.3 million retail postpaid connections. The number of postpaid accounts ended at 35.1 million, with an average of 2.77 connections per account.
On the hardware side of things, Verizon reports that it activated 7.6 million smartphones in Q1 2014 and a total of 8.1 million 4G LTE devices. Ol’ Red also says that around 73 percent of all of its data traffic travels over its 4G LTE network.
Finally, Verizon’s Q1 2014 included total revenues of $20.9 billion, a number that’s up 6.9 percent year over year. Service revenues also grew, increasing 7.5 percent year over year to finish at $18 billion.
While Verizon didn’t add quite as many subs as AT&T in the first few months of 2014, it still managed to have a pretty solid quarter. Two details that Verizon has to be pretty happy about are its increased smartphone penetration, which grew from 61 percent to 72 percent year over year, as well as the fact that half of its postpaid accounts are now on More Everything plans. Those two tidbits mean more data-hungry devices and more plans to go along with them.
Verizon will be conducting a conference call at 8:30 a.m. ET to discuss its Q1 2014 results. I’ll be listening in, so stay tuned and I’ll update you with any juicy details that Big Red might share.