Verizon Nails Numbers, Fails to Impress

The No.1 wireless shop delivered solid first quarter numbers, but investors find little to cheer about.
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NEW YORK, (

TheStreet

) --

Verizon

(VZ) - Get Report

hit targets but investors found little reason to be jazzed.

The phone giant posted adjusted earnings of 56 cents a share on $26.9 billion in sales, which was directly in line with analysts' expectations.

The No.1 wireless shop added 1.5 million net new customers, but in that number was a mere 432,000 so-called postpaid customers, or subscribers with new contracts. Rival

AT&T

(T) - Get Report

reported Wednesday that it added 512,000 posted contract subscribers, thanks largely to the

Apple

(AAPL) - Get Report

iPhone

.

Verizon, also like AT&T saw another big drop in the number of customer phone lines, its core business. In the first quarter, the total access line count fell 9.5% to 31.8 million.

The news comes as No.3 local phone player

Qwest

(Q)

agreed to a

$10.6 billion all-stock takeover

by regional telco

CenturyTel

(CTL) - Get Report

Thursday.

Verizon shares fell 69 cents, or 2%, to $28.87 in premarket trading Thursday.