Verizon eyes IoT, smart cities to fuel growth as Q4 profit slips
The largest US wireless provider said fourth quarter IoT revenues, led by telematics, increased 21 percent to $243 million.
ByNatalie Gagliordi for Between the Lines
Verizon is hoping to scale its Internet of Things business with a focus on smart cities and connected devices as it aims to offset fierce competition in the wireless market.
The largest US wireless provider said fourth quarter IoT revenues, led by telematics, increased 21 percent to $243 million, up from $217 million the previous quarter. Factoring in acquisitions, Verizon said IoT revenues increased more than 60 percent in Q4 2016.
Elsewhere on the balance sheet, Verizon reported Q4 earnings of 86 cents a share on revenue of $32.3 billion, down from $34.3 billion a year ago. Analysts had expected 89 cents per share on revenue of $32.1 billion