Verizon Communications Inc. says third-quarter profit skidded almost 30 percent as higher operating costs offset an increase in revenue that was driven by its wireless business.
The nation's second biggest phone company earned $1.18 billion, or 41 cents per share, in the quarter compared with $1.67 billion, or 59 cents per share, a year ago.
Excluding one-time items, Verizon says it earned 60 cents per share -- a penny above analysts's estimates.
Revenue rose 10 percent to $27.3 billion, largely due to its January acquisition of Alltel Corp. If Alltel's results were included in last year's third-quarter, Verizon said revenue would have risen by 0.6 percent.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
