UPDATE: Verizon Swings To Q4 Profit

Verizon Communications

swung to a profit in the fourth quarter. Verizon posted a quarterly profit of $5.07 billion, or $1.76 per share, versus a year-ago loss of $4.23 billion, or $1.48 per share. Its adjusted earnings climbed to $0.66 per share from $0.38 per share. Its revenue surged to $31.07 billion from $30.05 billion. However, analysts were estimating earnings of $0.62 per share on revenue of $31.04 billion. Verizon shares closed at $48.35 on Friday.