Verizon, the number 1 U.S. wireless service provider, reported higher-than-expected revenue for the fourth quarter and added 1.5 million new monthly users. Fred Katayama reports.
Verizon's circuits sizzled in the latest quarter. The number one U.S. wireless service provider swung to a profit from a loss. And it added 1.5 milion new monthly users after it poured on the promotions. Competition is amped up at year-end because that's when many customers upgrade or buy new phones. Sprint offered 50 percent off to encourage users to switch to its network, and T-Mobile US launched a free video streaming plan. Verizon punched back last month with a plan offering customers who switch from AT&T, T-Mobile, and Sprint up to $650 to cover early termination fees. Verizon said Fios - its bundled internet, phone and TV service - saw huge growth. It added nearly 100,000 Fios Internet subscribers. That's nearly quintuple that of the previous quarter.