Maryland Daily Record Maryland's trusted source for business and legal news
NEW YORK — Verizon says it posted fourth-quarter net income of $5.07 billion, helped by the continued addition of more wireless devices to its network.
In this Thursday, June 6, 2013, file photo, a pedestrian uses her cell phone as she passes a Verizon Wireless store on Broadway in Lower Manhattan, in New York. Verizon Communications Inc. reports quarterly financial results before the market opens on Tuesday, Jan. 21, 2014 (AP Photo/John Minchillo, File)
The results beat Wall Street expectations.
The largest U.S. cellphone carrier’s profit amounted to $1.76 per share. The company lost $4.23 billion, or $1.48 per share, in the year-ago period. Excluding one-time items, the company says it posted an adjusted profit of 66 cents per share.
Revenue rose 3 percent to $31.07 billion from $30.05 billion.
Analysts polled by FactSet expected a profit of 62 cents per share on $31.04 billion in revenue.
Service revenue rose 8 percent to $17.7 billion. The company added 1.7 million net retail wireless connections during the quarter. Of that total, 1.6 million were connections that involved monthly service contracts.
