Verizon net profit grows but wireless slows

27/01/2009 - 13:05

NEW YORK (Reuters) - Verizon Communications Inc's quarterly net profit rose, but growth in its mobile phone business slowed and traditional wireline customers continued to disconnect as the recession took a toll.

The No. 2 U.S. phone company said on Tuesday its quarterly profit rose to $1.2 billion, or 43 cents a share, from $1.1 billion, or 37 cents a share in the same quarter a year earlier.

Earnings per share before items fell to 61 cents from 62 cents. Analysts on average expected 62 cents, according to Reuters Estimates. Revenue rose 3.4 percent to $24.6 billion from $23.8 billion.

VERIZON (VZ.NY)Wireless, owned by Verizon and Britain's Vodafone Group Plc , added 1.4 million net subscribers in the quarter excluding its Rural Cellular acquisition. It added 2 million in the year-earlier quarter.

Verizon shares rose slightly to $31.10 in pre-market trade from their close on Monday at $30.99.

(Reporting by Ritsuko Ando; Editing by Derek Caney)