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Edition: U.S. Article Comments (0) Apple Samsung countersues Apple over iPhone, iPad Apple, Google tap phone location data: report Exclusive: Apple to beat Google on cloud music: sources iPhone helps Verizon, but not enough for some Follow Reuters Facebook Twitter RSS YouTube Read New York Earth Day celebrates with "virtual" forests 11:02am EDT At least 70 dead in Syria's bloodiest day of unrest 3:59pm EDT Texas governor calls for prayers for rain amid fires 21 Apr 2011 British tourist saves toddler in four-story fall 21 Apr 2011 Iraq must decide in "weeks" on U.S. troops: Admiral Mullen 2:45pm EDT Discussed 108 Texas governor calls for prayers for rain 100 Palin returns with feisty, anti-establishment speech 51 Team to probe oil market fraud, manipulation: Obama Watched ローマ法王は日本のため祈る、世界各国で市民が弔問(字幕・13日) Mon, Mar 14 2011 VW unveils new sporty Beetle Mon, Apr 18 2011 Size matters at New York Auto Show Thu, Apr 21 2011 SMALL BUSINESS Entrepreneur's Edge: Instant translation on your smartphone When Otavio Good released the first video of his Word Lens translation app in use, it became a viral phenomenon. Since then he's been busy recruiting programmers to help roll it out to include more languages beyond the original Spanish. Full Article | Video New app calculates calories through photos of food Common budget mistakes for tech startups iPhone helps Verizon, but not enough for some Tweet Share this By Sinead Carew NEW YORK (Reuters) - Verizon Communications Inc (VZ.N) gained wireless subscribers with Apple Inc's (AAPL.O) iPhone, but the effect on its financials failed to impress investors, who sent its shares down 2.3 percent. With subscriber... Email Print Related News GE's profit beat fails to stir Wall Street Thu, Apr 21 2011 AT&T touts benefits of T-Mobile deal to FCC Thu, Apr 21 2011 Wall Street ends strong week with new earnings attitude Thu, Apr 21 2011 NY Times gains online subscribers, but woes linger Thu, Apr 21 2011 Apple crushes forecasts again, iPad backlogged Wed, Apr 20 2011 Analysis & Opinion Tech wrap: Apple beats Google to the music cloud Morgan Stanley deal redoubles pressure to improve Related Topics Technology » Media » Steve Jobs » Stocks Verizon CEO Ivan Seidenberg at the Consumer Electronics Show in Las Vegas, January 6, 2011. Credit: Reuters/Rick Wilking By Sinead Carew NEW YORK | Fri Apr 22, 2011 8:52am EDT NEW YORK (Reuters) - Verizon Communications Inc (VZ.N) gained wireless subscribers with Apple Inc's (AAPL.O) iPhone, but the effect on its financials failed to impress investors, who sent its shares down 2.3 percent. With subscriber growth only meeting Wall Street estimates, some analysts complained about profit margins and others said revenue growth was lower than they hoped at Verizon Wireless, the mobile venture of Verizon and Vodafone Group Plc (VOD.L). Since Verizon's shares had increased 18 percent in the five months ahead of the quarter, its merely "solid" results were not remarkable enough, said Mizuho analyst Michael Nelson. "I'm not sure if there's anything in today's report that gives investors reason to believe Verizon should continue to expand its premium valuation," Nelson said. Even Verizon's announcement on its conference call that it would sell a new version of the iPhone later this year, failed to excite investors. It said that unlike its current iPhone, the next one would work globally. Verizon Wireless, the top U.S. mobile provider, posted 906,000 net new subscribers, roughly in line with expectations for over 888,000 from seven analysts contacted by Reuters. This was much better than AT&T Inc (T.N), which added only 62,000 net subscribers in the quarter as it lost iPhone exclusivity in the quarter. But a key sticking point for investors when comparing the two operators was the fact that AT&T won more new iPhone customers in the quarter than Verizon. The expectation had been for hordes of customers to flee AT&T when the Verizon iPhone arrived, since popular phones typically see a big spike in sales in the launch quarter. "It was a stronger new customer driver for AT&T," Pacific Crest analyst Steve Clement said. Verizon, which put the iPhone on store shelves February 10, said it sold 2.2 million iPhones by the end of the quarter, much lower than the 3.6 million iPhone sales at AT&T, which had the phone for the entire quarter. About 22 percent of Verizon's iPhone customers switched from rival carriers but, about 23 percent of AT&T's were also new to that company. This implies that Verizon won fewer than 500,000 new customers through iPhone, whereas AT&T added more than 800,00 iPhone customers for other carriers. USAGE AND COSTS As well as attracting new customers, advanced devices like the iPhone are meant to boost monthly average revenue per user (ARPU) as smartphone customers spend more on services like mobile web surfing. But Verizon's 2.2 percent ARPU increase was lower than some analysts had expected. "It calls into question the longer term growth outlook," said Nomura analyst Michael McCormack who had expected 2.5 percent growth. The cost of selling iPhone was also an issue. Sales of all advanced phones, and particularly the iPhone, come at a high cost. As a result, Verizon's profit margin dipped under its usual levels and below some analyst estimates. Its margin was 43.7 percent, well below the 46 percent it posted a year earlier, based on earnings before interest tax depreciation and amortization. This was below the 44.2 percent margin Citadel Securities analyst Shing Yin had expected. The carrier subsidy required for iPhone is about $400 while carriers typically pay a subsidy of $250 to $300 for other smartphones, Nomura analyst Michael McCormack estimated. Verizon earnings rose to $1.44 billion, or 51 cents per share, from $443 million, or 16 cents per share, in the same quarter a year before when it shouldered hefty one time charges. Revenue rose to $26.99 billion from $26.86 billion in the year-ago quarter and compared with the average analyst expectation for $26.86 bln, according to Thomson Reuters I/B/E/S. Verizon shares ended Thursday down 2.3 percent at $36.91, while AT&T shares rose 1.8 percent, both on the New York Stock Exchange. (Reporting by Sinead Carew; Editing by Derek Caney and Tim Dobbyn) Technology Media Steve Jobs Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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