Verizon is relying on its mobile phone service, which became the largest in the United States this year, to fuel growth.
(Mario Tama/ Getty Images)
Verizon tops estimates in 3d quarter
Verizon is relying on its mobile phone service, which became the largest in the United States this year, to fuel growth.
(Mario Tama/ Getty Images)
Verizon Communications Inc., the second-largest US phone company, reported third-quarter profit that topped analysts’ estimates after cutting workers and adding mobile phone customers.
Profit, excluding severance and other costs, amounted to 60 cents a share, New York-based Verizon said yesterday. That compared with the 59-cent average of estimates compiled by Bloomberg. Sales rose 10 percent to $27.3 billion, compared with the average $27.2 billion projection.
Verizon cut 4,000 jobs in the declining land-line business last quarter, and expects to shed the same amount in this one, chief financial officer John Killian said on a conference call. The carrier pared costs while expanding coverage for high-definition TV and Internet with fiber-optic FiOS service. Verizon also is relying on its mobile phone service, which became the largest in the United States this year, to fuel growth.
Verizon said it would begin selling Research In Motion Ltd.’s BlackBerry Storm2 this week. The touch-screen smart phone will go for $179.99 with a two-year service contract and a mail-in rebate.
Verizon is teaming with Google Inc. to develop more devices using Google’s Android operating system. The company is readying the Android-based Droid phone as a competitor to the iPhone.
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