• 10/28/2004
    12:16 PM
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Verizon Profit Flat Despite Blowout Cellular Quarter

Profit held steady at $1.8 billion as declining revenues from traditional phone services were offset by record wireless quarter.
NEW YORK (AP) Verizon Communications Inc.'s third-quarter profit held steady at about $1.80 billion as declining revenues from traditional phone services at the nation's biggest telephone company were offset by another blockbuster quarter for Verizon Wireless, which added a record 1.7 million subscribers.

The profit reported Thursday amounted to 64 cents per share, matching most Wall Street forecasts. In the same quarter last year, Verizon earned $1.79 billion, which also worked out to 64 cents per share.

Third-quarter revenues totaled $18.21 billion, up 6.7 percent compared with $17.06 billion a year earlier.

Verizon Wireless, which is 45 percent owned by Vodafone PLC of Britain, accounted for 40 percent of the total with revenues of $7.31 billion, up 23 percent from last year's third-quarter tally of $5.94 billion.

Domestic telephone revenues slipped 2.1 percent to $9.65 billion compared with a year earlier, but that marked a slight gain compared with the second quarter of 2004 as Verizon began reaping the benefits of a sudden shift in the regulatory and competitive backdrop to the local phone industry.

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