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Edition: U.S. Article Comments (1) Follow Reuters Facebook Twitter RSS YouTube Read New Mexico sheriff faces possible jail term over eBay sales 21 Jul 2011 Bomb rocks government offices in Oslo, two said dead | 11:35am EDT Explosion rocks central Oslo, Norway PM's office 9:47am EDT Customers angry, staff defiant at China's fake Apple Store 11:07am EDT Casey Anthony gets job offers, taxpayers get legal bill 21 Jul 2011 Discussed 198 Senate group offers $3.75 trillion deficit cuts 141 New plan offers hope for progress in debt talks 78 Debt showdown moving into crunch time Watched Korea's newest singing sensation Thu, Jul 21 2011 Pakistan Taliban releases video of mass execution Mon, Jul 18 2011 Frustration mounts in Chile over tsunami reconstruction Thu, Jul 21 2011 Verizon fails to gain iPhone market share vs AT&T Tweet Share this Email Print Related News UPDATE 4-Schlumberger quarterly results jump, shares rise 11:33am EDT GE tops Wall Street estimates on overseas demand 11:09am EDT Markets flat on mixed earnings, Caterpillar slumps 9:57am EDT UPDATE 2-Amcol sees losses at its start-up; shares down 9:26am EDT Xerox's profit beats Street, raises forecast 9:25am EDT Analysis & Opinion The Murdoch discount Hello world! Related Topics Technology » Hot Stocks » Asian Markets » Media » Steve Jobs » An employee holds out an iPhone for a customer at a Verizon store in Boston, Massachusetts February 10, 2011. Credit: Reuters/Brian Snyder By Sinead Carew NEW YORK | Fri Jul 22, 2011 10:27am EDT NEW YORK (Reuters) - Verizon Communications failed to gain market share against AT&T Inc in iPhone sales in its first full quarter selling Apple Inc's device, sending shares down as much as 3 percent. On average, Verizon Wireless customers also spent less per month since it changed its data service price plans, further disappointing Wall Street. While Verizon Wireless added three times more net subscribers in the quarter than AT&T, it only activated 2.3 million iPhones in the quarter compared with 3.6 million activations at AT&T. Credit Suisse analyst Jonathan Chaplin said that while the subscriber numbers were strong on the surface "they were the wrong kind of subscribers." Subscribers using devices such as iPhone tend to spend more on data services a monthly basis than other wireless customers. Verizon Wireless expects to sell a new version of the iPhone sometime in the autumn, which is roughly a financial quarter later than it previously expected. As a result, it will take that much longer than expected to achieve its goal of having half of its subscribers using smartphones, which generate more revenue. Citadel Securities analyst Shing Yin was disappointed that Verizon Wireless' growth in average revenue per subscriber dropped to 1.9 percent in the second quarter from 2.2 percent in the first quarter. Still, Verizon Wireless, owned by Verizon and Vodafone Group Plc, added 1.3 million net subscribers in the quarter compared with the average expectation for about 930,000, according to seven analysts contacted by Reuters. Stifel Nicolaus Chris King was impressed with Verizon's customer growth and its sale of 1.2 million high-speed wireless devices for a new network it is building. "I don't see anything in there that should be disappointing," King said. While some investors had worried that the relatively expensive iPhone would hurt Verizon's profit margins, King said its wireless service margin of 45.4 percent was well ahead of his expectation for 43.9 percent. Verizon's quarterly profit was $1.61 billion, or 57 cents a share, compared with a loss of $1.l9 billion, or 42 cents a share, a year ago. This was ahead of the average analyst expectation for earnings per share of 55 cents, according to Thomson Reuters I/B/E/S. Revenue increased 2.8 percent to $27.53 billion, ahead of Wall Street expectations for $27.42 billion. The company named Chief Operating Officer Lowell McAdam as its new chief executive, replacing Ivan Seidenberg, who is retiring from that role but remaining as chairman. It had announced the succession plan late last year. Verizon shares were down 95 cents or 2.5 percent to $36.62 in early trading on the New York Stock Exchange, after falling as much as 3 percent shortly after the market opened. (Reporting by Supantha Mukherjee in Bangalore and Sinead Carew in New York; Editing by Joyjeet Das and Derek Caney) Technology Hot Stocks Asian Markets Media Steve Jobs Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. 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. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) Ocala123456789 wrote: love my google phone and sprint… Jul 22, 2011 11:34am EDT -- Report as abuse See All Comments » Add Your Comment 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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