Verizon gets Q1 boost from iPhone sales

Announcing its first fiscal quarter financial results, Verizon Wireless has revealed that it sold 2.2 million iPhones in roughly half a quarter. Reuters reports that sales of the Verizon iPhone, which went on sale February 10, helped the company add 906,000 new subscribers, compared to just AT&T, which added just 62,000 in the quarter. Verizon also saw its earnings rise to $1.44 billion, or 51 cents per share, from $443 million, or 16 cents a share in the year ago quarter. Interestingly, the company’s results press release states that operating cash flow was $5 billion in the quarter, down from $7.1 billion in Q1 2010, offset by the launch of the iPhone, as well as a pension funding obligation.