The second largest US telecoms group reported a 31 per cent increase in third-quarter profits fueled by continued growth in its Verizon Wireless joint venture with Vodafone. Net income increased to $1.67bn. The mobile unit offset accelerating residential phone line and DSL line losses. Revenues grew by 4.1 percent to $24.8 bn.

Verizon is spending $23bn over seven years to build out a fiber-optic network that will enable the company to offer faster internet access and advanced TV services under its FiOS brand. Verizon added 233,000 new FiOS TV subscribers and now has a total of 1.6m.

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