UPDATE: Verizon Q3 Profit Misses Street View

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Verizon Communications
VZ
reported a weaker-than-expected third-quarter profit. The New York-based company posted a quarterly profit of $3.79 billion, or $0.89 per share, versus a year-ago profit of $2.23 billion, or $0.78 per share. Its sales climbed 4.3% to $31.59 billion. However, analysts were projecting earnings of $0.90 per share on revenue of $31.54 billion. Wireless revenue rose 7% to $21.8 billion, while wireline revenue slipped 0.8% to $9.6 billion. The company's wireless business added 1.53 million retail net connections in the third quarter. The company added 162,000 net new FiOS Internet connections and 114,000 net new FiOS Video connections in the quarter. Chairman and CEO Lowell McAdam said: "We have great confidence heading into the fourth quarter, as Verizon continues to deliver consistently strong operating and financial results. We see continued, healthy customer demand for wireless and broadband services, and we are encouraged by the growth we are starting to see in the areas of video delivery and machine-to-machine.” Verizon shares fell 0.99% to $48.00 in pre-market trading.
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Posted In: EarningsNewsprofit
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