Verizon First-Quarter Pay TV Subscriber Growth Accelerates

Verizon Wireless
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The telecom giant's FiOS video service added 90,000 subscribers, compared with 57,000 in the opening quarter of 2014.

Telecom giant Verizon on Tuesday said that it signed up 90,000 net new pay TV subscribers for its FiOS video service in the first quarter, up from 57,000 in the year-ago period.

In the fourth quarter, the company had added 116,000 new pay TV customers.

Verizon said it ended the first quarter with a total of 5.7 million FiOS video connections. The FiOS TV service competes with cable and satellite TV companies.

Verizon also said it added 133,000 net new FiOS broadband connections in the first quarter, up from 98,000 a year earlier but down from 145,000 in the fourth quarter. It ended the first quarter with a total broadband user base of 6.7 million.

"Verizon is off to a strong start in 2015 with another quarter of profitable growth," said chairman and CEO Lowell McAdam. "We expanded our base of customers seeking a premium experience, and we grew revenues, earnings and cash flow during a quarter in which we also took significant steps to sharpen our strategic focus."

Verizon's quarterly revenue rose 3.8 percent to $32.0 billion as earnings of $4.34 billion, or $1.02 per share, dropped but exceeded Wall Street expectations. The earnings were down 28 percent, or 11 percent on a per-share basis.

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