Verizon Communications

By: EconomyWatch   Date: 17 July 2010

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Verizon Communcations was ranked #48 in Forbes Global 2000 list of public companies. Decent sales, profits rank and market value helped Verizon obtain a Forbes Global 2000 ranking of #48.
Verizon Communications is headquartered in New York, United States of America. This public firm has been contributing in a significant manner towards environmental projects. It has been striving for energy conservation, GHG reductions, and waste reduction activities.

Brief history
Verizon Communications was established as Bell Atlantic Corporation in 1983. It was founded by AT&T Corporation. Verizon Communication acquired its present name after its merger with GTE on June 30, 2000. On February 14, 2005, Verizon Communications announced its intention to acquire MCI.

Products and services
Verizon Communications offers services in segments like wireless, telephone, internet, and television. Verizon offers residential, telephone, internet and television services to its customers. It also serves small and medium enterprises, and government organizations. Major services provided by Verizon include voice (POTS and VoIP), voicemail, video, and data.

Financials
Verizon Communications sales figure amounted to nearly $96.549 billion. Profits were around $6.265 billion. Total assets held by this firm were worth about $204.861 billion. About 235,000 employees work with Verizon Communications.

Awards and recognition
In 2007, Verizon Communications was ranked #1 in annual Customer Satisfaction Index survey conducted by University of Michigan. In 2007, PC World’s annual “Best and Worst ISP” survey identified Verizon FiOS Network as best internet service provider. Verizon Communications also got “J.D. Power and Associates Business Data Service Award for Service to Small Business Customers” in 2007.

Current financial crisis
Telecom companies are predicted to be adversely hit by global financial crisis. Rise in capital costs, less demand for telecom services like land line and internet connections are expected to affect telecom company earnings. But Verizon officials express optimism about its business line not being affected by current financial crisis.



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