Verizon Communications Inc. (NYSE: VZ) reported Thursday that its first-quarter profit rose to $1.44 billion, or 51 cents a share, from a profit of $443 million, or 16 cents a share, in the year-ago period. On an adjusted basis, the company earned 48 cents a share in the latest quarter. Revenue climbed to $27 billion from $26.91 billion. Analysts, on average, expected the company to report earnings of 50 cents per share on revenue of $26.89 billion.
"In the first quarter, Verizon Wireless solidified its industry leadership with results that once again showed sustainable, profitable growth," said Verizon Chairman and CEO Ivan Seidenberg. "We are executing on our business plans and building momentum, and we are on track to meet both our revenue and earnings objectives for the year." Seidenberg added, "Wireline EBITDA margins expanded for the fourth consecutive quarter, driven by continued strength in FiOS revenues and disciplined cost management. Our strategic acquisition of Terremark, which closed earlier this month, improves our ability to provide integrated, enterprise-class cloud solutions and accelerate growth."
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