NEW YORK – Verizon Communications Inc. on Thursday said that its profit rose 16 percent in the latest quarter as wireless revenue kept rising at a rate that’s the envy of the industry.
The New York-based phone company 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.
First-quarter revenue rose 4 percent to $29.4 billion.
Service revenues at Verizon Wireless, the country’s largest cellphone carrier, rose 8.6 percent to $16.7 billion, accounting for more than half of overall revenue. At its closest rival AT&T Inc., wireless service revenue has been rising just over 4 percent per year.
Verizon activated 7.2 million smartphones in the first quarter.