UPDATE: Verizon Q1 Net Profit Rises 15.8%

Verizon Communications

reported a 15.8% rise in its first-quarter net profit. Verizon's quarterly profit surged to $1.95 billion, or $0.68 per share, versus $1.69 billion, or $0.59 per share, in the year-ago period. Its revenue jumped 4.2% to $29.42 billion from $28.24 billion. However, analysts were expecting a profit of $0.66 per share on revenue of $29.55 billion. Verizon shares gained 1.51% to $50.29 in pre-market trading.