The company saw a big drop in business services sales with revenue falling to $3.7 billion or 7% from year-ago levels. And the company's wireline business continues to decline at an alarming rate, falling 9.9% to 34.3 million total lines from 38 million a year ago.

Verizon's total debt grew to $64.9 billion from $61 billion at the beginning of the year.

Verizon shares were down 70 cents, or 2.2%, $30.80 in Monday trading.

-- Reported by Scott Moritz in New York

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