Earnings: Verizon Net Income Boosted By Wireless; Wireline Still Declining

This story was written by Rafat Ali.
Verizon Communications (NYSE: VZ) reported third quarter earnings today of $1.67 billion or $0.59 diluted earnings per share on $24.7 billion in revenue. Net income was up 31 percent. Adjusted earnings per share was $0.66. Revenue was up 4.1 percent year on year, just above a poll of analysts by *Thomson Reuters* which had forecast revenue of $24.5 billion. The second largest telecommunications company behind AT&T (NYSE: T) wireless unit posted better than expected earnings--especially in light of AT&T's boost from the iPhone--but the wireline business is still falling. More on MocoNews.

By Rafat Ali