Verizon releases Q1 financials; report highest wireless growth in three years

Verizon has released their first quarter 2012 earnings, and it looks like they're going to need some help carrying all that money. I'm no finance wizard (I can barely keep a checkbook balanced) but there's no need to be when things look this good. Their wireless division reported the highest growth it has had in the past three years, with a 7.7 percent year-over-year increase in service revenues, 8.9 percent y-o-y growth in retail, and a whopping 21.1 percent increase in revenue from data services.

That's a lot of cabbage.

It stems from the addition of over 500,000 new postpaid customers, bringing the total to 88 million. 47 percent of those customers are using a smartphone, and the number will likely keep growing as Verizon continues its LTE expansion -- which now covers more than two-thirds of the U.S. population in 203 markets. In addition, the wireline services (FIOS cable Internet and phone) also grew by a couple hundred thousand customers, making the picture rosy all around. Of course, running a network isn't cheap so most of this profit and earnings will go back into the company. Hit the break for the press release with all the highlights.

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