New York (NY) - Verizon has reported that its quarterly earnings were 17.4 percent higher than last year’s. Growth in FIOS, wireless and DSL installs accounted for most of the earnings which came in at 54 cents per share versus 46 cents a year year. The company added 177,000 FIOS subscribers during the quarter which brings the total to 864,000.
FIOS is Verizon’s optical fiber to the home network which promises up to 30 Mbps download speeds. Deploying the network has been expensive and hit earnings for approximately 11 cents a share for the quarter. It total, Verizon says it will spend $18 billion dollars in the coming years on FIOS installs.
FIOS is currently only available in limited areas around the nation. The service offers various download speeds ranging from 5 Mbps to 30 Mbps for $40 to $180 a month. Upload speeds are limited to 2 Mbps for the lower plans and 5 Mbps for the 30 Mbps plan.