Wireless subscriber growth bolsters Verizon earnings

Thursday, 18 Jul 2013 | 8:22 AM ET
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Verizon Communications quarterly earnings and revenue rose on strong wireless subscriber growth at its Verizon Wireless venture with Vodafone Group.

After the earnings announcement, the company's shares fell in trading before the opening bell. (Click here to track the company's shares in pre-market trade.)

Verizon Wireless said it added 941,000 subscribers in the quarter, compared with the average expectation for 836,500 from six analysts contacted by Reuters. Estimates ranged from 700,000 to 909,000.

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Verizon's earnings rose to $2.25 billion, or 78 cents per share, from $1.83 billion, or 64 cents, in the year-ago quarter.

Excluding a pension-related gain, it earned 73 cents per share, compared with expectations for 72 cents, according to Thomson Reuters I/B/E/S.

Operating revenue was up 4.3 percent to $29.8 billion from $28.55 billion, but slightly shy of estimates of $29.83 billion.

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