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Verizon Posts Big Loss

October 27, 2009


Apple and AT&T reported profitable fiscal quarters despite the U.S recession. Verizon, however, hasn't been as fortunate. Despite the recent iDon'ts and app rip-off ads, Verizon just couldn't get into the black. Why? Are their devices inferior? It's hard to believe that the iPhone has nothing to do with it; AT&T earned $3.2 billion while Verizon netted a paltry $1.1. Verizon's CEO, Ivan Seidenberg, glossed over the financials saying: "As the U.S. economic and employment picture improves, and as we accelerate reductions in our own cost structure, we are well-positioned to quickly and significantly improve our growth profile." The company with the cable repairman mascot plans to catch up; they will restructure their organization to improve productivity and team up with Google in a "strategic partnership" aimed at leveraging the Android. Of all the things the iPhone can't do, making a profit for its carrier isn't one of them.

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