This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Verizon Profit Climbs 15%; Shares Slip

Updated from 9:14 a.m. EST

Telecom giant Verizon (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 Vodafone (VOD).

The company explained that it added 1.4 million net wireless customers during the quarter, not including those from its recent acquisition of Alltel. 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 AT&T (T - Get Report), Sprint Nextel (S)and Qwest Communications (Q - Get Report), is seen as one of the telecom sector's more attractive stocks, thanks partly to recent shifts in the market.

Verizon shares were slipping 4.5% to $29.59 in recent trading.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
Q $66.49 -0.30%
S $4.99 -2.35%
T $32.84 1.00%
VZ $49.24 0.70%
VOD $33.99 0.30%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs