Updated from 9:14 a.m. EST
(VZ - Get Report)
saw its fourth-quarter profit rise 15%, driven by its rapidly expanding wireless and broadband businesses.
The company on Tuesday reported fourth-quarter earnings of $1.24 billion, or 43 cents a share, up from $1.07 billion and 37 cents a share in the same period last year. Excluding charges, Verizon's fourth-quarter earnings were 61 cents, down from 62 cents a year ago, but in line with analysts' estimates.
Verizon reported fourth-quarter revenue of $24.6 billion, up 3.4% on the prior year's quarter, although that was slightly below the consensus expectation of $24.74 billion.
Investors were eagerly awaiting Verizon's fourth-quarter results to see whether the largest U.S. wireless firm lived up to its growth potential, particularly in its wireless business, which is operated as a joint venture with
The company explained that it added 1.4 million net wireless customers during the quarter, not including those from its recent acquisition of
. The firm also added 303,000 net FiOS TV customers and 282,000 new FiOS Internet customers, a record for the company.
"Verizon has shown that it is able to compete effectively in this economic environment," said CEO Ivan Seidenberg, in a statement. "In the fourth quarter, we continued to produce top-line growth, fueled by strong sales volumes for broadband, wireless and strategic business services.
Verizon, which competes with
(T - Get Report)
(Q - Get Report)
, is seen as one of the telecom sector's
stocks, thanks partly to recent shifts in the market.
Verizon shares were slipping 4.5% to $29.59 in recent trading.