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October 27, 2009

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Verizon income drops

VERIZON Communications yesterday posted a third-quarter profit that fell more than 9 percent but was slightly ahead of analyst estimates and it added more wireless customers than expected.

Verizon Wireless helped offset weakness in its traditional phone business where customers are disconnecting home phones.

Profit fell to US$2.89 billion, or 41 US cents per share, from US$3.2 billion, or 59 US cents a share, in the same quarter a year earlier. Revenue rose 10.2 percent to US$27.27 billion from US$24.75 billion in the year-earlier quarter, helped by its purchase earlier this year of rural mobile operator Alltel.

Analysts had expected revenue of US$27.17 billion. On a pro forma basis, as if Verizon had owned Alltel last year, revenue would have risen 0.6 percent.

Verizon Wireless, owned by Verizon and Vodafone Group Plc, added 1.2 million net new subscribers in the quarter compared with the average analyst estimate of 1 million.



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