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Verizon Adds Customers
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Business New Haven
8/19/2002
By: BNH
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WALLINGFORD - Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone Group (NYSE and LSE: VOD), says it added 1.1 million net new retail customers in the second quarter, up 34 percent from the second quarter 2001, and reduced retail churn to 2.0 percent. Total retail customers grew by 12 percent year over year to 28.9 million, the result of churn management and a 12-percent increase in gross retail additions. Retail customers now represent more than 95 percent of the company's total customers and 98 percent of total revenue.
Total customers increased by 723,000 in the quarter to 30.3 million, an 8.5 percent increase year-over-year. The retail churn of 2.0 percent was down from 2.2 percent the prior year, and down from 2.3 in the first quarter. Total company churn, including retail and wholesale, was 2.3 percent, flat from the prior year quarter.
The company's reseller base decreased by 378,000 subscribers during the quarter, closing at 1.4 million resale customers. Verizon Wireless and WorldCom have signed a referral agreement to facilitate some of the remaining 310,000 WorldCom customers entering into contracts directly with Verizon Wireless.
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