Leap Wireless Restates Results for Last 3 Years
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The operator of the Cricket and Jump pay-as-you-go mobile phone services restated more than three years of its financial results.
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Atlanta-based Cingular Wireless, on the cusp of closing its acquisition of AT&amp;T Wireless, reported third-quarter results yesterday that showed higher sales and a slight decrease in operating income.
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Verizon Communications (NYSE: VZ) posted profit of US&#36;1.796 billion for its third quarter, up from &#36;1.791 billion a year ago. The company attributed the slight rise to its wireless segment, which brought in an additional 1.7 million wireless customers.
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Verizon Communications Inc. VZ.N,  the largest U.S. telecommunications company, on Thursday  reported third-quarter earnings virtually unchanged from the  year before as wireless and high-speed Internet sales offset  losses of local phone lines.
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The global market for handheld devices continued to dwindle. The industry has recorded a year-over-year fall for the third successive quarter, according to data released by IDC this week.
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The electronics retailer said it swung to a third-quarter profit, overcoming lower revenue by cutting costs and selling more high-margin items.
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Deutsche Bank Securities said the communications-equipment sector is likely to report weak third-quarter results, though &quot;given the extent of negative sentiment among investors, we do not believe this will represent much of a surprise.
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TORONTO (CP) - Rogers Communications Inc. reported a third-quarter profit of $61.6 million, compared with a loss of $17.4 million a year ago.
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Adelphia Communications Corp., which filed for bankruptcy court protection in June 2002, restated financial results for three years and said its loss narrowed last year to $832.6 million.
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NEW YORK - AT&amp;T Corp. swung to a third-quarter loss of $7.1 billion after recording huge charges related to the company&#39;s retreat from traditional telephone services, which has included at least 7,500 more
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Qwest Communications International Inc. posted a third-quarter loss of $569 million after setting aside more money to settle lawsuits stemming from a three-year, $3.
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RadioShack Corp  reported a third quarter profit on Monday against a year-earlier loss, but its sales continued to fall amid intense competition in the electronics sector.
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The chip maker Texas Instruments revised its third-quarter forecast, saying it expected earnings of 49 cents to 53 cents a share on revenue of $3.56 billion to $3.72 billion.
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United Parcel Service posted improved third-quarter earnings but the results still missed forecasts on Wall Street.
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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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The telecom's results can't quite connect with Wall Street's expectations.
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Verizon Communications Inc. VZ.N,  the largest U.S. telecommunications company, on Thursday  reported third-quarter earnings virtually unchanged from the  year before as wireless and high-speed Internet sales offset  losses from local phone lines.