• October 28, 2008

Verizon Communications posted a 31% increase in third-quarter profit fueled by 12.5% year-over-year growth in its wireless business. The telecom provider's net income was $1.67 million, up from $1.27 million a year ago.

Verizon Wireless added 2.1 million subscribers during the quarter for a total of 70.8 million. Mobile data revenue jumped 42.5%, accounting for $2.8 billion of the $12.7 billion in overall wireless sales. The average revenue per user (ARPU) of $52.18 was up less than 1% from a year ago, but data ARPU was up 28.3%.

Last week, Verizon said it plans to go ahead with its planned $28.1 billion acquisition of Alltel despite worsening market conditions. The merger would create the create the nation's largest wireless carrier, surpassing AT&T.

In its earnings report, Verizon also confirmed plans to release the BlackBerry Storm later this fall. Aimed directly at the iPhone, the touchscreen smartphone will be sold by Verizon Wireless in the U.S. and by Vodafone in Europe, India, Australia and New Zealand.--Mark Walsh