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Verizon posts earnings of $1.06 a share vs. $1.06 expected

A pedestrian checks his mobile phone while walking past a Verizon Wireless store in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
A pedestrian checks his mobile phone while walking past a Verizon Wireless store in San Francisco, California.

Verizon reported quarterly earnings that was in line with analysts' expectations on Thursday, but revenue came in a little light.

Shares of Verizon were lower in premarket trading immediately following the report. (Get the latest quote here.)

The telecom giant posted first-quarter earnings per share of $1.06, compared to $1.02 a share in the year-earlier period.

Revenue for the quarter came in at $32.17 billion, against the comparable year-ago figure of $31.98 billion.

Wall Street expected the firm to post earnings per share of $1.06 on revenue of $32.46 billion, according to a Thomson Reuters consensus estimate.

The Dow component has reportedly been in talks to acquire declining internet giant Yahoo. In fact, Verizon was set to advance to the second stage of bidding for Yahoo's core assets, as the company went through offers to put together a short list, people familiar with the matter told Reuters.

Verizon submitted its offer with advice from investment banks Guggenheim Partners, LionTree, and Allen & Co., the people said on Tuesday. Yahoo's stock is up 14 percent this year.

Shares of Verizon have gained nearly 17 percent in the past three months and about 15 percent in the past six, outperforming rival T-Mobile. John Legere's firm has seen its shares rise 8 percent in the past three months, and fall slightly in the past six.

VZ in the past 6 months