Verizon on Tuesday reported its latest quarterly earnings report and the numbers were impressive indeed.

The telecommunications giant reported $31.1 billion in fourth quarter revenue, which represents a 3.4% increase over the same time last year. Analyst predictions were slightly lower at $31 billion.

Meanwhile, net income came in at $7.9 billion, resulting in earnings of $1.76 per share. On a full-year basis, Verizon reported earnings of $4.00 per share in 2013, which is substantially better than the gain of 31 cents per share recorded in 2012.

Not surprisingly, Apple's iPhone played a strong role in the company's fiscal successes last quarter. Verizon says that smartphones like the iPhone are now claiming 70% of all active lines on Verizon Wireless.

“Verizon delivered a total return of 18.6 percent to our shareholders in 2013, while attracting more customers than our competitors and improving our financial performance. This included more than 20 percent year-over-year increases in operating cash flow and EPS,” said Lowell McAdam, Verizon's CEO, said in a statement Tuesday morning. “In 2014, we look forward to acquiring sole ownership of Verizon Wireless, the best asset in the global wireless industry, and leveraging all our assets to deliver innovative products to customers and more value to shareholders.”

Verizon added two million new subscribers in the fourth and final quarter of 2013.

Source: Verizon