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Verizon's first quarter results are in, and mirroring rival AT&T, they saw some rather impressive growth. Verizon as a whole saw $30 billion in revenue, but even with their substantial non-cellular businesses, Verizon Wireless accounted for a whopping $20.9 billion of that income. That's an increase of nearly 7% from this quarter last year, though growth through their retail outlets was slightly lower.

The wireless business has proven profitable for Verizon, with a profit margin of 35%. That too is an increase, up from 32.9% year-over-year. That's $7.3 billion, for those keeping track at home. The jump comes in no small part thanks to Verizon's $130 billion purchase of the remaining 45% share of Verizon Wireless that was held by Vodafone.

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Much of that increase revenue and profit comes thanks to the 549,000 new subscribers Verizon Wireless added this year, with 539,000 of those signing up for traditional post-paid contracts. That's not quite as many new customers as AT&T, though Verizon Wireless had both higher revenue and earnings. Verizon ended the quarter with 97.3 million subscribers, 72% of whom were using smartphones.

Source: Verizon Wireless