Verizon 4Q net income reaches $5.07B

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Associated Press

Posted on January 21, 2014 at 6:01 AM

Updated Tuesday, Jan 21 at 6:02 AM

NEW YORK (AP) — Verizon says it posted fourth-quarter net income of $5.07 billion, helped by the continued addition of more wireless devices to its network.

The results beat Wall Street expectations and its shares edged higher.

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.

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