Verizon said today earnings rose 31 percent in the third quarter as wireless did better than expected.

The telecom company also said that its acquisition of Alltel was beneficial in the long run, making it the largest U.S. carrier, surpassing AT&T.

Verizon's third-quarter profit rose to $1.67 billion, or 59 cents a share, from $1.27 billion, or 44 cents a share in the same quarter a year earlier.

Chief Executive Ivan Seidenberg said business was holding up well despite the economic turmoil, but said it would have an effect in the current quarter.

"The general consensus is that for the Christmas season, consumer spending is likely to be lighter and business spending will be somewhat curtailed until next year," he told analysts on a conference call.

Verizon added 1.5 million new subscribers in the quarter. It also added 600,000 subscribers through the acquisition of Rural Cellular, and ended the quarter with 70.8 million customers.

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