Verizon Communications Inc. (NYSE:VZ) reported a solid quarter as earnings were over triple what they were while taxes were cut, as new customers flocked to the carrier in response to it now carrying Apple's iPhone (NASDAQ:AAPL).
Net income jumped to $1.44 billion, or 51 cents a share, Verizon said today in a statement. Analysts estimated 50 cents a share. Sales were level at $27 billion.
Verizon added 906,000 wireless contract customers in the quarter. Analysts on average projected 998,000. AT&T (NYSE:T), the biggest U.S. phone company, said it added 62,000 users last quarter.
Average monthly bills for wireless contract customers rose 2.2 percent from last year in the same quarter to $53.52, a little under analysts’ average estimate. The data portion climbed 17 percent to $20.51, Verizon said. Bills in the fourth quarter averaged $53.50.
Verizon was trading at $36.94, down $0.85, or 2.25 percent, as of 12:10 PM EDT. Investors are using the relatively average report to take some profits after the recent run up in share price.
Thursday, April 21, 2011
Verizon (VZ) Profits Soar on IPhone (AAPL) Sales
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Apple iPhone,
AT T,
Verizon
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