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Verizon profit falls but revenue rises on subscriber growth

Verizon profit falls but revenue rises on subscriber growth
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First Published: Mon, Jul 27 2009. 04 55 PM IST
Updated: Mon, Jul 27 2009. 04 55 PM IST
New York: Verizon Communications posted a smaller quarterly profit on Monday but revenue rose due to wireless subscriber growth and its purchase earlier this year of rural wireless operator Alltel.
Its profit fell to $3.16 billion, or 52 cents per share, compared with a profit of $3.4 billion, or 66 cents a share, in the same quarter a year earlier.
Revenue rose to $26.86 billion from $24.1 billion and compared with analysts’ average estimate of $26.846 billion, according to Reuters Estimates.
On Friday Verizon, the biggest US mobile service, said it added 1.1 million wireless subscribers in the quarter. Its biggest rival AT&T Inc said last week that it added 1.4 million net new customers.
Share were flat at $31.50 in premarket trading after an early 1.3% rally.
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First Published: Mon, Jul 27 2009. 04 55 PM IST