Verizon misses Street 3Q forecasts

Associated Press

New York — Verizon Communications Inc. on Tuesday reported earnings of $3.7 billion in its third quarter.

The New York-based company said it had profit of 89 cents per share.

The results fell short of Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.

The largest U.S. cellphone carrier posted revenue of $31.59 billion in the period, which also did not meet Street forecasts. Analysts expected $31.71 billion, according to Zacks.

Verizon shares have declined slightly more than 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 3 percent. The stock has fallen 3 percent in the last 12 months.