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Verizon 3Q profit soars as number of devices grows


October 17. 2013 8:36AM
Associated Press

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(AP) Verizon is reporting a 40 percent jump in third-quarter net income after adding more than 1 million new wireless devices to its network.


The country's largest cellphone carrier earned $2.23 billion, or 78 cents per share, up from $1.59 billion, or 56 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of 77 cents per share for the recent quarter.


Revenue rose 4 percent to $30.28 billion from $29.01 billion.


The results Thursday beat Wall Street predictions. Analysts polled by FactSet expected a profit of 74 cents per share on $30.15 billion in revenue.


The company added 1.1 million net retail wireless connections during the quarter.


Shares of Verizon Communications Inc. are up 3 percent to $48.80 in premarket trading.


Associated Press


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