Verizon Communications Reports Third Quarter Wireless Customer Growth
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NEW YORK - Verizon Communications (NYSE:VZ) today announced third quarter customer growth for Verizon Wireless, its joint venture with Vodafone Group plc (NYSE and LSE: VOD).
Verizon Wireless added 806,000 new customers during the third quarter of this year, 34.9 percent more net adds than in third quarter 1999. The total number of customers grew to 26.3 million, up 14.6 percent year-over-year. Total churn, including pre-paid customers, was 2.5 percent, unchanged from third quarter 1999.
All comparisons with last year's results are on a pro forma basis, reflecting the formation of Verizon Wireless from the U.S. wireless properties of Bell Atlantic Corp., Vodafone Group, and GTE Corp.
On Wednesday, Vodafone Group reported its quarterly results, including its proportionate share of Verizon Wireless net customer additions, which is 344,000. Vodafone Group owns 45 percent of Verizon Wireless. Vodafone further adjusts for Verizon Wireless's proportionate ownership of its customer base of approximately 94.8 percent.
Verizon Communications Inc. (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with more than 100 million access line equivalents and more than 26 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.