Verizon rakes in wireless service fees in first quarter; profit up 16 per cent, beating Street

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In this June 12, 2012 photo, the Verizon logo is seen at Verizon store in Mountain View, Calif. THE CANADIAN PRESS/AP, Paul Sakuma

NEW YORK, N.Y. – Verizon says its profit rose 16 per cent in the latest quarter as revenue from wireless service kept rising at a rate that’s the envy of the industry.

Verizon Communications Inc. reported net income of $1.95 billion, or 68 cents per share, in the January to March period. That was up from $1.69 billion, or 59 cents per share, a year earlier.

Analysts polled by FactSet had on average expected earnings of 66 cents per share for the latest quarter.

First-quarter revenue was $29.4 billion, just short of the average analyst estimate at $29.5 billion.

Wireless service revenues rose 8.6 per cent to $16.7 billion, accounting for more than half of overall revenue. At closest rival AT&T Inc., wireless service revenue has been rising just over 4 per cent per year.

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