Verizon: 3Q Earnings Snapshot

NEW YORK (AP) -
verizon earnings
(AP Photo/Mel Evans)

Verizon Communications Inc. on Tuesday reported third-quarter earnings of $4.92 billion.

The New York-based company said it had profit of $1.19 per share. Earnings, adjusted for non-recurring costs, were $1.22 per share.

The results surpassed Wall Street expectations. The average estimate of 19 analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share.

The largest U.S. cellphone carrier posted revenue of $32.61 billion in the period, which also topped Street forecasts. Nineteen analysts surveyed by Zacks expected $32.54 billion.

Verizon shares have climbed roughly 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 3 percent. The stock has risen 11 percent in the last 12 months.

In trading Tuesday, Verizon shares were up $2.08, or 3.8 percent, to $57.06.