Verizon profit jumps on Verizon Wireless takeover, but misses expectations

From CNET: Verizon's first quarter as sole owner of Verizon Wireless was a mixed one.

Verizon posted a first-quarter profit of $3.95 billion, or $1.15 a share. In the year-earlier period, it reported a profit of $2 billion, or 68 cents a share. Excluding one-time items such as an after-tax gain from an asset sale, it posted per-share earnings of 84 cents.

Revenue rose 4.8 percent to $30.8 billion.

Analysts, on average, forecast earnings of 87 cents a share and revenue of $30.7 billion, according to Thomson Reuters.

Verizon took full control of Verizon Wireless in February. It previously shared ownership with UK telecom provider Vodafone, who owned a 45 percent stake in the business, and likewise shared in the reporting of its profits. With Vodafone out of the picture, Verizon's numbers this quarter looked markedly better than a year ago.

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