By Allison Prang
Verizon Communications Inc. reported higher earnings and revenue in its first quarter but reported phone net losses.
Net income was $5.38 billion and rose around 25% year over year, the company said. Verizon said earnings came in at $1.27 a share, up from $1 a share. Adjusted earnings, the company said Wednesday, were $1.31 a share. According to FactSet, analysts were expecting adjusted earnings of $1.29 a share.
Operating revenue at Verizon increased to $32.9 billion, the company said. Analysts were expecting $32.46 billion. The company said that media revenues climbed around 10% from a year ago, to $1.9 billion.
The company reported a loss of 178,000 phone net losses for its whole wireless business and said it had 102,000 Fios net additions.
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(END) Dow Jones Newswires