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Verizon revenue rises, profit falls

    VERIZON COMMS
    43,12-1,38%
    NEW YORK (Reuters) - Verizon Communications said on Monday third quarter revenue rose but its profit declined as costs increased.

    Profit fell to $2.89 billion, or 41 cents per share, from $3.2 billion, or 59 cents a share, in the same quarter a year earlier. Revenue rose to $27.27 billion from $24.75 billion. The average analyst estimate was $27.17 billion, according to Thomson Reuters I/B/E/S.

    VERIZON (VZ.NY)Wireless, owned by Verizon and Vodafone Group Plc , added 1.2 million net new subscribers in the quarter compared with the average analyst estimate for 1 million, according to five analysts contacted by Reuters.

    In comparison AT&T Inc added 2 million customers, as Apple Inc's iPhone helped it take market share from Verizon. Both companies depend on wireless and high-speed Internet services for growth.

    (Reporting by Sinead Carew; Editing by Derek Caney)

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