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Verizon on Monday 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.
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Don Ryan / AP |
Verizon Wireless helped offset weakness in its traditional phone business where customers are disconnecting home phones.
Profit fell to $2.89 billion, or 41 cents per share, from $3.2 billion, or 59 cents a share, in the same quarter a year earlier.
Excluding one-time items, earnings were 60 cents per share, compared with the average analyst estimate of 59 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 10.2 percent to $27.27 billion from $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 $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 [VZ
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] and Vodafone, [VOD-LN
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()] added 1.2 million net new subscribers in the quarter compared with the average analyst estimate for 1 million, according to five analysts contacted by Reuters.
In comparison AT&T [T
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] added 2 million customers, as Apple's [AAPL
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] iPhone helped it take market share from Verizon.
Both companies depend on wireless and high-speed Internet services for growth.
Verizon's Chief Executive Ivan Seidenberg said that the company would improve with the economy.
Shares fell 30 cents, or 1 percent, to $28.55 in premarket trading.
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