Verizon Q1 income up on wireless, home Internet sales
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Verizon Communications, the telecom giant that owns the nation's largest wireless carrier, said Thursday higher sales of wireless contracts and residential broadband Internet drove its first quarter net income higher.
The company earned $3.9 billion in net income for the quarter vs. $1.95 billion in the year-ago period. The sharp rise accounts for the fact that Verizon took complete control of Verizon Wireless in September by buying the 45% stake that it didn't own from U.K.-based Vodafone for $130 billion. The year-ago income only reflects the 55% stake Verizon held at the time.
Adjusted earnings per share of 84 cents matched the estimates by analysts queried by Bloomberg.
Revenue rose 4.8% to $30.8 billion.
Shares of Verizon fell 2.17% Thursday morning to $46.40.
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