Verizon Communications (NYSE: VZ) reported Tuesday that the company posted a surprising loss in its fiscal fourth-quarter, according to Associated Press.
Verizon, the nation's second-biggest phone company, lost $653 million, or 23 cents per share, in the quarter. In the same period a year earlier it had a profit of $1.24 billion, or 43 cents per share.
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Excluding one-time items, mainly consisting of a $3 billion charge for severance and other costs associated with layoffs, Verizon says it earned 54 cents per share, which is a penny below the average analyst estimate, as polled by Thomson Reuters.
Verizon ended the quarter with 222,927 employees, 7,413 fewer than it had in September.
Verizon's revenue rose 10 percent to $27.1 billion, largely due to the acquisition last January of Alltel Corp. Analysts were expecting $27.3 billion.
Verizon Wireless, the largest cell phone carrier in the country, added 2.2 million customers to end the year with 91.2 million. Two weeks ago, Verizon cut the price of unlimited voice service to $70 per month from $100.
Verizon Wireless is 55 percent owned by Verizon Communications, which counts all the wireless revenue on its books. However, 45 percent of the profits go to joint venture partner Britain’s Vodafone Group PLC.
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