Verizon (NYSE:VZ) Pays Workers Hefty Bonuses for 2010 Performance

Employees of Verizon (NYSE:VZ) received a nice surprise recently, as they were rewarded for a strong 2010 performance with bonuses from 8 to 10 percent, and will receive merit-based raises and profit sharing awards over the next month or so.

Citing strong sales in the smartphone segment and increased data use, Verizon generated a profit of $4.6 billion in the fourth quarter, far above the $2.4 billion they generated in the same quarter in 2009.

This quarter and 2011 will definitely improve on that as well, with the Verizon entering an agreement with Apple (NASDAQ:AAPL) to sell its popular iPhone, ending the exclusivity enjoyed by AT&T (NYSE:T) for the Apple device.

Along with its own physical stores, Verizon sells its iPhones through Wal-Mart (NYSE:WMT) and Best Buy Co. (NYSE:BBY).

Verizon closed Friday at $36.62, gaining $0.25, or 0.69 percent.