Verizon Wireless, a joint venture between Verizon and Britain’s Vodafone Group, has declared that its fourth-quarter profit for 2005-06 has fallen to $1 billion from $1.7 billion in 2004-05.

Verizon Wireless, a joint venture between Verizon and Britain’s Vodafone Group, has declared that its fourth-quarter profit for 2005-06 has fallen to $1 billion from $1.7 billion in 2004-05.

Revenues, however, rose by 26 per cent to $22.6 billion. The results reflect the shift in Verizon’s business as it focuses on growth opportunities in wireless telephony, broadband and fibre-based advanced video and TV operations. The shift is intended to offset the continued decline in traditional residential voice services. The company added 2.3 million net customers in the fourth quarter, bringing its nationwide total to 59.1 million while closing the gap with Cingular Wireless which ended the year with 61 million subscribers.