Verizon Communications Inc.'s quarterly revenue rose faster than Wall Street estimates but its subscriber growth was slower than expected.

Its profit rose to $1.38 billion or 49 cents per share from $659 million or 23 cents per share in the year-earlier quarter, the company said on Friday. Revenue rose to $27.9 billion from $26.5 billion and compared with analyst estimates of $27.88 billion, according to Thomson Reuters I/B/E/S.

Verizon Wireless, its mobile venture with Vodafone Group Plc, added 882,000 subscribers in the quarter compared with the average analyst expectation for 1.04 million from eight analysts contacted by Reuters.

(Reporting by Sinead Carew; editing by Gerald E. McCormick)