Verizon (VZ) reported earnings this morning as well as the acquisition of Rural Cellular Corporation.
Verizon has been neck and neck with AT&T Wireless in terms of total wireless customers. The exclusive iPhone deal with Apple is expected to push AT&T ahead. Is Verizon's response to gain customers through acquisition?
For the second quarter, AT&T ended with 63.7 million wireless customers, after adding 1.5 million during the quarter. This quarter only included the first two days of iPhone activations.
Verizon ended with 62.1 million wireless customers, after adding 1.3 million net additions. The acquisition will add another 700,000 customers, putting Verizon less than 1 million behind AT&T.
Disclosure: I am long AT&T
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