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NEW YORK (TheStreet) -- Shares of Verizon are slipping on Thursday after the company reported mixed first-quarter results with profit that fell short of Wall Street expectations.


Shares of Verizon (VZ) - Get Free Report were slipping on Thursday after reporting a nearly 5% rise in first-quarter revenue but profit still that fell short of expectations.

Excluding items, earnings came to 84 cents a share on revenue of $30.8 billion.  Earnings missed analysts' forecasts of 87 cents a share, but revenue slightly topped estimates of $30.7 billion, according to Thomson Reuters.

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The report marks Verizon's first quarterly results after it took control of Verizon Wireless. It acquired Vodafone's (VOD) - Get Free Report 45% stake in the company for $130 billion in February.  The wireless business added 549,000 subscribers in the quarter,  a decline from the 720,000 it added a year ago but that still topped Wall Street expectations of 528,000. Verizon said the acquisition gave the company access to great amounts of cash flow.

At last check, shares of Verizon were slipping almost 1.5% to $46.74.

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.