Verizon Wireless sales grow 12 percent to $12.7 billion

As a number of companies report poor third quarter profits, it seems that Verizon Wireless have bucked that trend by reporting a growth of sales by 12 percent to $12.7 billion. The company’s management has said that the company will weather the economic downturn and come out unscathed.

Verizon Wireless has said that the superb third-quarter shows that they have shown remarkable stability and strength in their business. Verizon’s CEO Ivan Seidenberg had noted that consumer and business spending will be lighter towards the end of 2008, but he hopes that the company will be able to diversify their service portfolio, and keep growing in 2009.

Verizon reports that the third-quarter profits have increased 31 percent to $1.67 billion that works out to 59 cents per share. The same time last year that profit was $1.27 billion or 44 cents per share, proof that Verizon Wireless is riding the storm.

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