NEW YORK – Telecommunications company Verizon Communications Inc. said on Monday its fourth quarter earnings fell but sales rose, bolstered by growth in its wireless venture and rise in Internet subscribers.
Verizon’s quarterly earnings fell to $1.0 billion, or 35 cents per share, from $ 1.7 billion, or 59 cents per share, in the year-ago quarter.
Earnings before items fell to 62 cents per share, compared to 64 cents per share in the year-ago quarter. Revenue rose 26.1 percent to $22.6 billion ,it said.
Wall Street on average expected earnings of 61 cents a share, according to Reuters Estimates.
Verizon, like its bigger rival AT&T, has benefited from strong growth in Internet and mobile phone subscribers, which has helped ease the impact of declining traditional phone use.
It holds a 55 percent stake in Verizon Wireless, with the rest owned by Vodafone Group Plc.