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Verizon Wireless Grows 25% In Quarter

Verizon reported Tuesday that its revenues from wireless operations increased by 25 percent in the last quarter compared to the same quarter a year ago and that it added 1.5 million new customers during the quarter.

The results from the company's wireless operation helped keep the telecom giant in the black. By comparison to its wireless operation, revenues for its more traditional telecommunications operations dropped 2.9 percent for the quarter, the company said in a statement.

Another bright spot in its wireless business was a relatively low "churn rate" of 1.45 percent, which is almost half the churn recently reported by other wireless operators such as AT&T Wireless and Cingular. Churn rate is the rate at which customers leave a wireless operator and sign on with another.

Overall, Verizon reported a revenue increase of $1.37 billion for its wireless operation. It says it now has about 40.4 million customers, which makes it the largest wireless operator, at least until the Cingular-AT&T Wireless merger becomes final. The company claimed the number of new customers for the quarter is an industry record.