Mon Apr 27, 2009 10:52 am
Verizon today reported a higher-than-expected quarterly profit after earnings grew 5 percent, boosted by its purchase of Alltel and growth in wireless subscribers.
Verizon Wireless, a joint venture of Verizon and Vodafone, added 1.3 million net customers in the quarter.
Over the last few years, Verizon has depended heavily on its wireless service for growth amid a slowdown in its traditional phone business.
The Basking Ridge, N.J.-based company surpassed AT&T as the largest U.S. mobile service when it brought in 13.2 million customers from its acquisition of rival Alltel
The company ended the period with 86.6 million wireless customers.
Profit rose to $1.65 billion from $1.64 billion a year earlier. Revenue rose 11.6 percent to $26.59 billion.
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