Verizon Earnings Report: iPhone Effect Seemingly Non-Existent

It looks like AT&T's impressive growth of 2 million additional wireless subscribers didn't take too much away from Verizon, who posted 1.8 million net additional subscribers for a total of 63.7 million, trailing AT&T's total by 2 million. Quarterly net income was down over half a billion, to $1.27 billion from $1.92 billion last year, though revenues of $23.77 billion beat Wall Street's bet of $23.6 billion.

FiOS rates are also growing, adding 202,000 TV subscribers for 717,000 total (wonder where this comes in), with FiOS internet pulling in 229,000 newbies. But FiOS rollout continues to scratch Verizon's piggy bank, knocking earnings down by 9 cents a share. The DSL front on the other hand is pretty bleh, with "unimpressive" growth, though it's obviously less important than growing out FiOS subscribers, given the amount of money they're dumping into the network. [Reuters]