Verizon Profit Jumps 40 Percent on Wireless Subscriber Growth
Verizon Communications Inc. said its third-quarter profit improved 40 percent as the largest U.S. phone carrier continued to build up its base of wireless and FiOS customers.
Verizon last month agreed to purchase Vodafone Group PLC’s 45 percent stake in Verizon Wireless for $130 billion, granting Verizon full control of their joint venture. To help fund the deal, Verizon sold $49 billion in bonds, making it the largest corporate-debt sale in history.
Verizon reported a profit of $2.23 billion, or 78 cents a share, up from $1.59 billion, or 56 cents, a year earlier. Excluding special items, per-share earnings were 77 cents in the latest quarter. Revenue improved 4.4 percent to $30.28 billion.