Verizon Boasts $4.8 Billion Profit In Q1 2013 Results

Verizon didn't do so hot during Q4 2012, but the company is back posting up their Q1 2013 results, and things are looking mighty good for the company. Verizon profited a whopping $4.8 billion during Q1 2013, and that's mostly thanks to the addition of 677,000 new subscribers throughout the quarter, with 7.2 million smartphone activations.

Verizon is now up to 98.9 million subscribers total, which means it shouldn't be too long before they reach the 100 million mark. Furthermore, the carrier activated 5.9 million LTE devices out of the 7.2 million total activations. Verizon also claims that 28% of all activations during the quarter were customers who came from other carriers.

As for Verizon's other services, FiOS internet saw a bump of 188,000 new customers and 169,000 new FiOS Video customers, which rose the revenue of that particular sector of the company up $2.6 billion. And for those who thought that Verizon quit expanding FiOS will be pleased to know that they added fiber optics to 83,000 homes during the past quarter alone, with 217,000 more homes planned for 2013.

Total revenue for the company rang in at $29.4 billion, which is 4.2% increase year-over-year. Operating income grew 19.8% to $6.2 billion in Q1 2013, compared to $5.2 billion during the same time last year. $19.5 billion of that $29.4 billion revenue came from Verizon's wireless business alone, which is up 6.8% from last year.