NEW YORK (AP) — NEW YORK (AP) — Verizon Communications Inc. (VZ) on Monday reported first-quarter profit of $4.6 billion.
The New York-based company said it had net income of $1.09 per share. Earnings, adjusted for amortization costs and non-recurring costs, were $1.15 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The largest U.S. cellphone carrier posted revenue of $32.98 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $33.33 billion.
Verizon expects full-year earnings in the range of $4.50 to $4.70 per share.
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