Verizon posts 4th-qtr net income of $5.07B, beats predictions, as subscriber ranks grow - InfoNews

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Verizon posts 4th-qtr net income of $5.07B, beats predictions, as subscriber ranks grow

FILE - In this Thursday, June 6, 2013, file photo, a pedestrian uses her cell phone as she passes a Verizon Wireless store on Broadway in Lower Manhattan, in New York. Verizon Communications Inc. reports quarterly financial results before the market opens on Tuesday, Jan. 21, 2014 (AP Photo/John Minchillo, File)
January 21, 2014 - 4:58 AM

NEW YORK, N.Y. - Verizon says it posted fourth-quarter net income of $5.07 billion, helped by the continued addition of more wireless devices to its network.

The results beat Wall Street expectations and its shares edged higher.

The largest U.S. cellphone carrier's profit amounted to $1.76 per share. The company lost $4.23 billion, or $1.48 per share, in the year-ago period. Excluding one-time items, the company says it posted an adjusted profit of 66 cents per share.

Revenue rose 3 per cent to $31.07 billion from $30.05 billion.

Analysts polled by FactSet expected a profit of 62 cents per share on $31.04 billion in revenue.

Service revenue rose 8 per cent to $17.7 billion. The company added 1.7 million net retail wireless connections during the quarter. Of that total, 1.6 million were connections that involved monthly service contracts.

News from © The Associated Press, 2014
The Associated Press

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