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Verizon Communications Inc.(NYSE: VZ) recently stated that consumer demand for the company’s wireless, broadband and video products in the second quarter 2009 showed resilience despite the U.S. recession, as the company added a high number of new FiOS (Fiber Optic Based) customers and posted another strong quarter of wireless growth. Verizon continued to generate improved cash flow and, in the midst of a challenging environment for business sales, the company continued to grow consolidated revenues.
“Verizon posted continued strong wireless revenue growth and new levels of sales success with FiOS in the second quarter,” said Verizon Chairman and CEO Ivan Seidenberg. “This resilience in consumer demand for our wireless, broadband and video products has again produced overall revenue growth despite cyclical impacts, especially in business markets. Verizon’s continued strong cash flow reflects the exceptional focus and disciplined execution across our business.”
The commentary noted the Company’s total operating revenues grew 11.3 percent to $26.9 billion, compared with the second quarter 2008, including revenues from Alltel Corporation, which was acquired in January 2009. On a pro forma basis (determined by consolidating the operating results of Verizon and the former Alltel as though the acquisition had occurred on Jan. 1, 2008), operating revenue growth was 1.9 percent. Verizon Wireless delivered sustained high margins and solid net customer additions.
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