Verizon Profit Drops: Need iPhone, Android Not Enough

Verizon Communications Inc. has reported that their third-quarter profits have fallen by 25%. Rival AT&T Inc. gained more customers in this period and as a result may have contributed to Verizon’s stint in business.

Verizon announced that a third-quarter profit of $881 million was taken; however this has gone down from $1.18 billion which was achieved a year earlier. Verizon wireless confirmed in this period it added 997,000 customers to its database; but elsewhere AT&T has said they added 2.6 million clients in that quarter due to a record number of iPhone sales. Although Verizon has joined in with the Android market, it was still not good enough to generate an increase in profits and match its competitors. More figures from Verizon can be found by following the link to Wall Street Journal.

Verizon will look to strike back as millions of people have been so desperate for a Verizon iPhone for a long time now. The company desperately needs a new popular product such as the iPhone in order to keep up with AT&T. Mobile users are expected to get their wish as Verizon should be adding Apple’s smartphone to their line up in the early months of next year.

What is your reaction to Verizon’s loss in profit? Are you desperate for their iPhone? Leave us all of your thoughts on this story by leaving a comment.

  • Dave

    I live in NYC and have been an iPhone owner since the first gen. I have the worst reception in manhattan, it has always been this way even with my new iPhone 4. Dropped calls, sound is garbeled, not very good. Been waiting for the CDMA version for a while now, hoping this well help the reception issue. I have been so disappointed in AT&T’s service and will gladly pay the $325 ETF to go to verizon.

  • Jdub

    I simply cannot wait for this to happen….