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Verizon posts profit, wireless subs beat estimates

NEW YORK
Mon Jan 28, 2008 7:38am EST

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Traffic passes Verizon Communications Inc. headquarters in New York, February 14, 2005. REUTERS/Peter Morgan

NEW YORK (Reuters) - Verizon Communications (VZ.N) said on Monday its quarterly profit rose and its wireless customer additions were ahead of analyst estimates.

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Its profit rose to $1.07 billion, or 37 cents a share, from $1.03 billion, or 35 cents a share, in the year-ago quarter.

Revenue rose to $23.8 billion from $22.6 billion.

Verizon Wireless, its mobile venture with Vodafone Group Plc (VOD.L), added 2 million net new subscribers in the quarter compared with average analyst estimates for 1.85 million from eight analysts contacted by Reuters.

Verizon had said earlier this month that it was not seeing an impact from the U.S. economic slowdown after rival AT&T Inc (T.N) had said it was seeing some softness in consumer businesses such as broadband and telephone access lines.

(Reporting by Sinead Carew, editing by Mark Porter)
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