From CNET: Verizon was able to keep its customer growth engine humming even as it narrowly missed earnings expectations for the third quarter.
The nation's largest wireless carrier by subscriber base posted earnings of 89 cents a share and revenue of $31.59 billion, compared with Wall Street's average forecast of 90 cents a share and $31.58 billion.
Shares of the New York-based company oscillated between positive and negative territory in early trading Tuesday, and was last up 0.3 percent to $48.60.
Verizon continues to grow despite increased competitive activity in the wireless industry, most notably aggressive offers by smaller rivals Sprint and T-Mobile. The carriers are engaged in a quasi-price war, preferring to provide more data than actually cut prices -- although discounts have also played a part. The result has been better deals for consumers, and more scrambling by the carriers to keep up with each other.
Verizon, however, largely held pat in the third quarter despite the flurry of competitive activity kicked off by T-Mobile with a discounted family plan, which undercut an AT&T family plan. Sprint then upped the ante with new family and single-line plans, as well as a special $50 plan specifically for the iPhone.
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