Verizon Communications Inc., the nation’s second largest phone company, on Monday said third-quarter revenue fell nearly 30 percent as higher costs offset an increase in revenue that largely was driven by an acquisition in its wireless business.
The company continues to manage the decline in its wireline business as customers increasingly disconnect their landlines in favor of cell phones.
Revenue from landlines fell by 4.8 percent while wireless services — including cell phones and data plans — were up 24.4 percent thanks largely to its January purchase of Alltel Corp.
Verizon, which is based in New York, earned $1.18 billion, or 41 cents per share, in the quarter compared with $1.67 billion, or 59 cents per share, a year ago.
Excluding one-time items, Verizon says it earned 60 cents per share — a penny above the average estimate of analysts polled by Thomson Reuters.
The third quarter included 19 cents per share in one-time items, including 13 cents related to layoffs. Last year’s third quarter had 7 cents in one-time items.
Revenue rose 10 percent to $27.3 billion from $24.75 billion. If Alltel’s results were included in last year’s third-quarter, Verizon said revenue would have risen by 0.6 percent.
Verizon is second only to AT&T; Inc. among U.S. phone companies.
In July, Verizon said it will cut more than 8,000 employee and contractor jobs by the end of the year in its wireline business.
Shares of Verizon fell 25 cents to $28.60 in premarket trading.
Business
Verizon 3Q profit falls 30 pct on higher costs
- Business
-
-
World workers express anger, gloom on May Day
In the United States, demonstrations, strikes and acts of civil disobedience were planned, including what could be the country's most high-profile Occupy rallies since the anti-Wall Street encampments came down in the fall.
- Pulaski’s First National Bank working with local schools
-
Business Spotlight: Pool business branches out to Limestone County
- Mark White earns marketing professional certificate
-
Business Spotlight: Sara Wood, MedWest Community Care
To find out more about business spotlights in The News Courier, contact Lora Scripps at 256-232-2720 ext. 104 or email lora@athensnews-courier.com.
-
BUSINESS SPOTLIGHT: Bojangles’ Famous Chicken n’ Biscuits
-
Farmers Federation offers scholarship to local students
The Limestone County Farmers Federation is once again offering a $1,000 scholarship with an option of renewal for up to four years to local students.
-
Kazek honored for columns in CNHI contest
“Her columns are a treat to read. She writes in a conversational, witty and entertaining way. She has fun with her columns and you know she is having a good time while writing them. The beneficiaries are her readers.”
-
Carter named Gas Person of the Year
Athens Gas Department Manager Steve Carter was recently named the Gas Person of the Year.
-
GE to hire 5,000 veterans over next 5 years
General Electric Co. plans to hire 5,000 veterans over the next five years and invest $580 million to expand its aviation business.
- More Business Headlines
-
World workers express anger, gloom on May Day
Ravi Spared Prison in Rutgers Webcam Case
Miss. Prison Quiet After Riot; 1 Dead
Obama Confident Afghans Can Take Security Lead
Raw Video: Deadly Bombing at Yemen Parade Preps
Professor: Chinese Activist's 'Spirit Is Good'
Ring of Fire Eclipse Seen in U.S., Asia
Golden Gate Bridge Celebrates 75 Years
G-8 Seeks Unity on Euro-debt Crisis, Iran
Prosecutors: Trio Planned to Attack Obama's HQ
Obama: G8 Unified in Stance on Iran, Syria
