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Growing customer base boosts Verizon 1Q profit by 9.8 pct



By AP
28 April 2008 @ 07:39 am EST

NEW YORK - Verizon Communications says its first-quarter earnings rose 9.8 percent as its wireless division attracted more customers than other carriers.

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The country's second-largest telecommunications company earned $1.64 billion, or 57 cents per share, in the quarter that ended March 31, compared with $1.5 billion, or 51 cents per share, a year ago.

Revenue rose 5.5 percent to $23.8 billion from $22.6 billion.

Excluding items, earnings were 61 cents per share, matching share on sales of $23.86 billion, according to a poll by Thomson Financial.

Verizon Wireless added 1.5 million subscribers, beating industry leader AT&T Inc., which added 1.3 million in the quarter. Verizon Wireless still trails AT&T in the total number of subscribers, at 67.2 million compared with 71.4 million.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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