Verizon Communications Disappoints Slightly (VZ)

Verizon (NYSE: VZ) was the first to report of the U.S. telecommunications giants this week. Verizon revenue for Q4 2010 fell 2.6% with results slightly below analyst calcuations.

Revenue for Verizon's Q4 2010 was reported at $26.4 billion, down from 27.1% billion in Q4 2009. Analysts anticipated a reported revenue of $26.48 billion.

Verizon EPS were reported at 54 cents, slightly lower than analyst predictions of 55 cents. Verizon said that many analysts did not include its announcement of pension account changes last Friday in their numbers, accounting for the one cent per share change.

Prior to this quarter's iPhone release, Verizon remained a heavy competitor in the 2010 market. Verizon reported 872,000 new contract customers in the quarter, in stark contrast to the 646,000 predicted new customers by eight analysts contacted by Reuters. Verizon attributed strong sales to its new smartphones and Google's Android operating system, stating that almost 75% of new subscribers bought smartphones.

Another telecommunications giant, AT&T (NYSE: ATT), is set to report earnings on Thursday.

Shares of Verizon were at $34.92 at the time of publication, down 1% from Monday's market close.