Verizon Communications said on Monday third quarter revenue rose but its profit declined as costs increased.
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. Revenue rose to $27.27 billion from $24.75 billion. The average analyst estimate was $27.17 billion, according to Thomson Reuters I/B/E/S.
Verizon Wireless, owned by Verizon and Vodafone Group Plc , added 1.2 million net new subscribers in the quarter compared with the average analyst estimate for 1 million, according to five analysts contacted by Reuters.
In comparison AT&T Inc added 2 million customers, as Apple Inc's iPhone helped it take market share from Verizon. Both companies depend on wireless and high-speed Internet services for growth.