{"id":312506,"date":"2017-04-20T12:10:56","date_gmt":"2017-04-20T12:10:56","guid":{"rendered":"http:\/\/citifmonline.com\/?p=312506"},"modified":"2017-04-20T12:10:56","modified_gmt":"2017-04-20T12:10:56","slug":"verizon-reports-20-percent-fall-in-quarterly-profit","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/04\/verizon-reports-20-percent-fall-in-quarterly-profit\/","title":{"rendered":"Verizon reports 20 percent fall in quarterly profit"},"content":{"rendered":"
Verizon Communications Inc (VZ.N), the No. 1 U.S. wireless carrier, reported a 20 percent fall in quarterly profit as it lost wireless postpaid subscribers despite the re-launch of unlimited data plans.<\/p>\n
Net income attributable to the company fell to $3.45 billion (2.69 billion pounds), or $0.84 per share, in the first quarter ended March 31, from $4.31 billion, or $1.06 per share, a year earlier.<\/p>\n
Verizon said it lost 307,000 retail postpaid subscribers on a net basis in the first quarter. Analysts on average were expecting net additions of 222,000, according to market research firm FactSet StreetAccount.<\/p>\n
Verizon is struggling to fend off smaller rivals T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N) in a maturing market for U.S. wireless service.<\/p>\n
In February, Verizon announced that it would offer an unlimited data plan for the first time in more than five years, following which other companies sweetened their unlimited offerings.<\/p>\n
Total operating revenue fell to $29.81 billion for the fourth straight quarter from $32.17 billion a year earlier.<\/p>\n
–<\/p>\n
Source: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
Verizon Communications Inc (VZ.N), the No. 1 U.S. wireless carrier, reported a 20 percent fall in quarterly profit as it lost wireless postpaid subscribers despite the re-launch of unlimited data plans. Net income attributable to the company fell to $3.45 billion (2.69 billion pounds), or $0.84 per share, in the first quarter ended March 31, […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[1492,4117],"yoast_head":"\n