NEW YORK (AP) - Verizon Communications Inc. (VZ) on Tuesday reported second-quarter profit of $4.12 billion.
On a per-share basis, the New York-based company said it had profit of $1. Earnings, adjusted for non-recurring costs and severance costs, came to $1.20 per share.
The results topped Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The largest U.S. cellphone carrier posted revenue of $32.2 billion in the period, also surpassing Street forecasts. Nineteen analysts surveyed by Zacks expected $31.72 billion.
Verizon shares have fallen 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5 percent. The stock has risen 15 percent in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VZ at https://www.zacks.com/ap/VZ
Please read our comment policy before commenting.