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Verizon profits nearly double, but miss Wall Street expectations

Tim Stevens

Verizon's quarterly report is in, and profits are nearly twice what they were this time last year: $4.65 billion compared to $2.37 billion a year ago. Additionally, VZW added 872,000 customers, a fair bit more than the 646,000 it was expected to gain. Great news, right? Not if you're a Wall Street analyst, who wanted to see earnings per share of 55 cents. The actual figure was 54 cents, and so down Verizon's shares go, a 1.3 percent drop so far. Nothing particularly shocking there, but this is the last quarterly report the company will have before VZW adds the iPhone to its stable, so we'll be very curious to see what these numbers look like three months from now.

*Verizon has acquired AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.

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