Wireless bolsters Verizon profit despite economy

Verizon Communications Inc reported a higher quarterly profit thanks to strong wireless sales, despite worries that a slower US economy would hurt spending by consumers and business customers.

The company, whose shares rose 3 percent in premarket trading, said on Monday third-quarter profit rose to $1.67 billion, or 59 cents a share, from $1.27 billion, or 44 cents a share in the same quarter a year earlier, the No. 2 U.S. phone company said on Monday.

Earnings per share before items rose to 66 cents from 63 cents, exceeding the average analyst estimate of 65 cents, according to Reuters Estimates.

Revenue rose 4 percent to $24.75 billion.

To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/10/28/INDEX.SHTML