Verizon Q3 Earnings Beat Estimates on Adjusted EPS, Revenue Falls Short of Forecasts

Verizon Communications Inc. (VZ) reported third-quarter net income of $5.2 billion on Monday, with adjusted earnings per share of $1.31 beating Wall Street's average estimate of $1.27, according to seven analysts surveyed by Zacks Investment Research. The New York-based company posted per-share profit of $1.25 on a reported basis. Earnings were adjusted for amortization costs and costs related to mergers and acquisitions. Revenue totaled $34.31 billion in the period, falling short of the $34.81 billion forecast by six analysts surveyed by Zacks. Verizon is the largest U.S. cellphone carrier.