BBC Home
Explore the BBC
BBC News
Launch consoleBBC NEWS CHANNEL
Last Updated: Monday, 29 January 2007, 20:44 GMT
Higher costs hit Verizon profits
Verizon, the second-largest US telephone firm, has seen its profits fall 38% after it was hit by costs to build a new fibre-optic cable network.

Also knocked by a one-off tax charge, for the last three months of 2006 its net profit fell to $1bn (510m), down from $1.7bn for the same time in 2005.

Verizon's fourth-quarter revenues totalled $22.6bn, a 26% rise on the $17.9bn earned a year earlier.

Despite the dip in profits, the results were ahead of Wall Street expectations.

Mobile success

Verizon is boosting its cable network to help it increase broadband and TV service revenues in the future.

Analysts were particularly pleased with the latest customer numbers at Verizon's mobile phone subsidiary Verizon Mobile.

It added 2.3 million customers during the fourth quarter, a 15% rise on a year earlier.

Verizon Mobile is joint owned with UK firm Vodafone.

Verizon seals Latin American sale
04 Apr 06 |  Business
Acquisitions drive markets talk
03 Apr 06 |  Business
Verizon sees off Qwest in MCI war
02 May 05 |  Business
Verizon threatens to end MCI deal
04 Apr 05 |  Business

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific