×

Verizon boosts subscribers, revenue

Revenue rose 7.7% to $28.4 billion

Verizon Communications said Tuesday that it netted an additional 201,000 FiOS Internet connections and 194,000 video subs in the fourth quarter year-on-year to end 2011 with 4.8 million broadband and 4.2 million video customers.

The company swung to a net loss of $212 million, mostly on one-time pension adjustments, from a profit the year before. Revenue rose 7.7% to $28.4 billion in what Verizon called the highest year-over-year quarterly revenue growth in its 11-year history.

The boost was fueled by continued strong demand for Verizon Wireless services and handsets and the FiOS fiber-optic service, which is becoming increasingly competitive with cable and satellite in certain markets.

FiOS penetration (subscribers as a percentage of potential subscribers) continued to increase, with Internet penetration of 35.5% at year’s end, up from 31.9% the year before. Video penetration was up to 31.5% from 28%. The FiOS network passed 16.5 million homes at year-end 2011.