Verizon Wireless helped offset weakness in its traditional phone business where customers are disconnecting home phones.
Profit fell to $2.89 billion, or 41 cents per share, from $3.2 billion, or 59 cents a share, in the same quarter a year earlier. Excluding one-time items, earnings were 60 cents per share, compared with the average analyst estimate of 59 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 10.2 percent to $27.27 billion from $24.75 billion in the year-earlier quarter, helped by its purchase earlier this year of rural mobile operator Alltel.
Analysts had expected revenue of $27.17 billion. On a pro forma basis, as if Verizon had owned Alltel last year, revenue would have risen 0.6 percent.
Verizon Wireless, owned by Verizon and Vodafone Group Plc
In comparison AT&T Inc
Verizon's Chief Executive Ivan Seidenberg said that the company would improve with the economy.
Shares fell 30 cents, or 1 percent, to $28.55 in premarket trading.
(Reporting by Sinead Carew; Editing by Derek Caney)