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Verizon CFO Downplays Impact of Wireless Price War

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Verizon's financial chief said that he isn't concerned that recent price cuts in the cell phone service business will hurt his company in the longer term.

"There's still a lot of room to grow," CFO Fran Shammo said, speaking at a Deutsche Bank technology conference.

Over the weekend, both AT&T and T-Mobile cut prices or increased data amounts for some customers. Shammo noted that a similar thing happened with voice calling in the past, where minute allotments went up but service revenue for the industry continued to grow.

Shammo said that the industry has learned over and over that paying large sums to steal each other's customers is not a good business, something he said he learned back in the days of competition for long-distance phone service.

Re/code has the entire story.

By Ina Fried, Re/code.net.

CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.

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