Verizon’s Irish subsidiary back in the black even as revenues fall

The Irish arm of telecoms group Verizon returned to profit last year despite a slight dip in revenues.

Newly filed accounts show Verizon Ireland reversed a near €1 million loss in 2017, to report a €3.1 million pre-tax profit in 2018.

The company returned to the black even after recording a drop in turnover from €34.2 million in 2017 to €33.8 million last year.

Verizon Ireland had net assets of €37.2 million at the end of 2018, up from €34 million a year earlier.

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A breakdown of turnover shows it recorded €14 million in private IP and ethernet-related revenues. In addition, it achieved €9.6 million from voice and data services, and a further €8.3 million from core voice and data networking services.

The company has 55 employees locally with staff costs coming in at €6.1 million last year.

Verizon is one of the largest communication technology companies in the world with revenues of $30.8 billion in 2018. It employs 144,500 people worldwide and is ranked in 16th place on the Fortune 500 list.

The company on Thursday rolled-out 5G to three of the five boroughs in New York, and in Panama and Boise.

This brings to 13, the number of US cities that have access to the mobile technology through Verizon.

The telco said it plans to have 5G in over 30 cities by the end of the year.