Verizon, whose shares climbed more than 2 percent following the better-than-expected outlook, will begin selling iPhone next month through its Verizon Wireless venture, bringing an end to AT&T Inc's exclusive hold on the wildly popular phone.
Verizon waited 3 1/2 years to get a crack at selling the iPhone and expects the sleek device to be a big help to its bottom line, it said on Tuesday. Indeed, if the company sells 11 million iPhones this year -- the number analysts on average expect -- that would increase earnings per share 5 percent to 8 percent, it predicted.
Chief Operating Officer Lowell McAdam said much of the 2011 growth would come from doubling the percentage of customers who use smartphones.
"I think we'll be at 50 percent by the end of 2011 or even higher," McAdam told analysts during the company's conference call on quarterly earnings. "When they get those smartphones in their hands, the usage goes up."
These customers spend more on data services than those with regular phones do.
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