Verizon 3Q Profit Falls, Revenue Rises
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NEW YORK -- Verizon Communications Inc., the nation's second largest telecommunications company, on Monday reported third-quarter earnings fell by a third from a year ago due to tax charges.
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Verizon Communications, the second-largest U.S. telephone company, said fourth-quarter profit declined 38 percent because of costs to build a fiber-optic network and shed assets.
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Driven largely by gains in its wireless and data businesses, Verizon Communications&#39; revenue was up 5.5 percent year over year in the fourth quarter of 2007, and net income was up slightly.Verizon on Monday reported revenue of $23.8 billion for the fourth quarter, which ended Dec. 31, up from $22.6 billion in the fourth quarter of 2006. Verizon&#39;s net income rose from $1.03 billion to $1.07 billion this past quarter.Earnings per share was $0.37, or $0.62 before one-time items, matching consensus earnings expectations by analysts polled by Thomson Financial. However, analysts had expected revenue of nearly $24 billion for the quarter.Not counting one-time charges, operating income dropped 0.6 percent, to $3.4 billion. One-time items included severance packages for layoffs that will continue through 2008, and a spin-off of wireline access lines in parts of New England.Verizon reported &quot;strong growth in sales of all our strategic products,&quot; Verizon Chairman and CEO Ivan Seidenberg, said in a statement. &quot;We see significant opportunities to grow revenues and expand our leadership in wireless and broadband markets, while reducing operating expenses.&quot;Verizon&#39;s revenue for the year was $93.5 billion, up by $5.3 billion from 2006.Verizon focused on growth in a couple of key areas, including its wireless business.Verizon Wireless&#39; customer numbers increased 11.3 percent from the fourth quarter of 2006, to a total 65.7 million, the company said. Wireless revenue for the quarter was $11.4 billion, up 13.3 percent from a year ago. Verizon Wireless added 2 million customers during the quarter.Wireless data revenue was particularly strong, said Doreen Tobin, Venison&#39;s chief financial officer. Wireless data revenue grew by 65 percent in 2007, she said during a conference call.&quot;We see enormous potential for growth in wireless data for years to come,&quot; she said.Total wireless revenue grew 15.3 percent in 2007, to $43.9 billion for the whole year. &quot;We have a proven business model,&quot; Tobin said. &quot;These results are further evidence of great execution, sustainable growth, and strong cash generation.&quot;In Verizon&#39;s data business, the company added 245,000 Fios fiber-based Internet customers, and 226,000 Fios television customers. The company added a total of 264,000 broadband customers in the quarter, including Fios and DSL (digital subscriber lines). Data revenue increased 12.8 percent to $4.8 billion.Some of those gains were partially offset by a 1.4 percent decrease in overall wireline revenue. Wireline revenue was $12.5 billion for the quarter, which includes the data revenue.Verizon had a &quot;very good year,&quot; but it faces some challenges in 2008, said Jeff Kagan, an independent telecom analyst.&quot;This year will be a little tougher with trouble in the housing market and debates about a coming recession, but so far, so good for Verizon,&quot; Kagan wrote in an e-mail. &quot;The telecom industry continues its strong growth, and cable television competitors have signaled price increases again, but at some point soon brisk competition will break out between the cable television companies and the telephone companies.&quot;The competitive action has started in many markets, but will spread dramatically this year,&quot; Kagan added. &quot;This will be an exciting year to keep our eyes on.&quot;Verizon has not yet seen slumping sales due to fears of a recession in 2008, Tobin said.
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Motorola Inc. said Thursday its profit plunged 94 percent in the third quarter on sharply lower sales, but the ailing cell-phone maker showed signs of improvement in its cell-phone business and painted a more upbeat outlook for its future.
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Motorola Inc., the world's No. 2 maker of cell phones, on Tuesday said its quarterly profit more than tripled, but growth in handset volumes disappointed Wall Street and its shares fell 4.5 percent.
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The newspaper publisher and television station operator said third-quarter profit fell to $2.5 million as ad revenue slumped.
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Nextel Communications, the nation&#39;s fifth-largest wireless provider, said yesterday that its profit jumped 69 percent in the third quarter from the period last year.
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Morgan Stanley  on Wednesday  said its third-quarter earnings fell, reflecting damage caused  by the broad sell-off in mortgage and corporate loan markets  this summer, though revenue rose on strong investment banking  and stock trading.
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NEW YORK -- Verizon Wireless added 2.3 million customers, most of them prized monthly subscribers, to put a shine on a fourth quarter when Verizon Communications Inc.'s profit was cut by restructuring costs.
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BellSouth Corp.  on Monday said third-quarter earnings fell due to storm damage in its region and the sale of some international assets.
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Fourth-quarter profits fell at Texas Instruments Inc., although the big maker of chips for cell phones beat Wall Street's expectations.
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The contract electronics manufacturer posted a 90 percent drop in quarterly net profit, but earnings excluding special charges were higher than expected.
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Verizon Communications announced earnings of $1.07 billion in the fourth quarter, but said its traditional telephone business remained a drag on the bottom line.
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Motorola Inc  on Thursday posted a small third quarter profit from continuing operations and forecast another profit for the current quarter even as revenue fell from a year ago.
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Alltel Corp. reported Tuesday that profits from its wireless business rose as it built sales and added customers in its fourth quarter, but overall earnings slid 12 percent, showing the effect of Alltel's spinoff of its traditional phone business.
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Verizon Communications Inc  said on Monday that quarterly revenue rose due to strong wireless and Internet subscriber growth, although profit fell after merger-related costs and other items.
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Texas Instruments Inc.  posted  a lower quarterly profit on weak demand for its calculators,  and gave a disappointing revenue forecast for the third  quarter, sending shares down 3 percent on Monday.