Verizon 3Q profit soars as number of devices grows

NEW YORK, NY - JUNE 07: A Verizon store is viewed on June 7, 2013 in New York City. In a statement today U.S. President Barack Obama defended the government's surveillance programs following a news leak on June 5 that the U.S. government had been obtaining Verizon's phone records for years. The records were obtained through a secret court order which also revealed that the government has been monitoring business phone calls both nationally and internationally. (Photo by Spencer Platt/Getty Images) Spencer Platt

NEW YORK Verizon (VZ) is reporting a 40 percent jump in third-quarter net income after adding more than 1 million new wireless devices to its network.

The country's largest cellphone carrier earned $2.23 billion, or 78 cents per share, up from $1.59 billion, or 56 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of 77 cents per share for the recent quarter.

Revenue rose 4 percent to $30.28 billion from $29.01 billion.

The results Thursday beat Wall Street predictions. Analysts polled by FactSet expected a profit of 74 cents per share on $30.15 billion in revenue.

The company added 1.1 million net retail wireless connections during the quarter.

Shares of Verizon Communications Inc. are up 3 percent to $48.80 in premarket trading.

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