Verizon joins AT&T in pay-TV subscriber growth, adds 192,000 FiOS TV customers in 1Q

Verizon's (NYSE: VZ) FiOS TV service added 192,000 subscribers in the first quarter, accelerating a trend that has pushed the telco's video offering to more than 3.7 million users. A year ago, the telecom said it added 168,000 subs. In the fourth quarter, Verizon added 182,000 customers.

The company said it had revenues of $27 billion for the quarter, and EPS of 51 cents, in line with Wall Street estimates of $26.9 billion in revenue and 51 cents EPS.

Verizon also added 207,000 FiOS Internet users, giving it a total of 4.3 million subscribers.

FiOS Internet and FiOS TV penetration continued to increase. Internet uptake was 33.1 percent, up from 29 percent a year ago, and FiOS TV uptake stood at 29.1 percent compared to 25.4 percent last year.

"We are executing on our business plans and building momentum, and we are on track to meet both our revenue and earnings objectives for the year," said CEO Ivan Seidenberg. "Wireline EBITDA margins expanded for the fourth consecutive quarter, driven by continued strength in FiOS revenues and disciplined cost management. Our strategic acquisition of Terremark, which closed earlier this month, improves our ability to provide integrated, enterprise-class cloud solutions and accelerate growth."

Verizon wasn't the only telecom to add subscribers to its pay-TV service in the first quarter. Yesterday, AT&T (NYSE:T) said its U-verse TV business added 218,000 subscribers to end the quarter with 3.2 million customers for the IPTV platform.

Both companies have said their pay-TV services have been growing profit centers in the past year.

For more:
- see this release

Related articles:
Verizon debuts digital media management play
Verizon profit drops 25% in Q3; FiOS TV adds 204,000 subs
Verizon takes loss in 2Q; FiOS TV sees modest growth
Verizon earnings tumble, but FiOS growth continues