Fiber-Optic Focus, Asset Sales Trim Verizon's Profit

FIBER-OPTIC FOCUS, ASSET SALES TRIM VERIZON'S PROFIT
[SOURCE: Washington Post, AUTHOR: Crayton Harrison]
Verizon, the second-largest U.S. telephone company, said fourth-quarter profit declined 38 percent because of costs to build a fiber-optic network and shed assets. Profit fell to $1.03 billion from $1.66 billion during the same period a year ago. Chief executive Ivan Seidenberg sacrificed profit from the wireless unit to expand Verizon's faster network for Internet and TV service. The $23 billion investment is designed to compete with cable companies such as Comcast, which have attracted more subscribers by offering phone service. The company's mobile phone unit gained 2.3 million wireless subscribers, helping to offset the loss of revenue from the 366,000 customers who shut off their home phones in the quarter.
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/29/AR2007012901862.html
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