Reuters: Technology News: Verizon third quarter profit rises 16 percent on wireless business

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Verizon third quarter profit rises 16 percent on wireless business Oct 18th 2012, 08:34 Thu Oct 18, 2012 4:34am EDT (Reuters) - Verizon Communications Inc posted a 16 percent increase in quarterly profit helped by higher revenue in its wireless business after it raised data pricing and started selling the latest Apple Inc iPhone. For the third quarter, Verizon posted profit of $1.59 billion or 56 cents per share compared with $1.37 billion or 49 cents per share in the year-ago quarter, when the company was hit with extra costs from a two-week workers strike and weather damage. Revenue rose to $29 billion from $27.91 billion in the year-ago quarter. Analysts on average expected revenue of $28.96 billion according to Thomson Reuters I/B/E/S. Excluding exceptional items, the company reported earnings of 64 cents per share, in line with analysts' expectations. Its Verizon Wireless venture with Vodafone Group Plc, added 1.8 million net new subscribers in the quarter compared with 882,000 in the third quarter the year before. (Reporting by Sakthi Prasad and Neha Alawadhi in Bangalore; Editing by Hans-Juergen Peters)

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