Overcast
76°FOvercastFull Forecast

Verizon profit rises 16 pct.

Published: Thursday, April 18, 2013 8:29 a.m. CDT • Updated: Thursday, April 18, 2013 12:22 p.m. CDT

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.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Northwest Herald.

Reader Poll

How far are you traveling for Memorial Day weekend?
More than 100 miles
50-100 miles
Less than 50 miles
Not traveling