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NEW YORK (AP) — NEW YORK (AP) — Verizon Communications Inc. (VZ) on Friday reported fourth-quarter earnings of $5.01 billion.
The New York-based company said it had net income of $1.18 per share. Earnings, adjusted for severance gains, came to $1.10 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
The largest U.S. cellphone carrier posted revenue of $35.68 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $35.4 billion.
For the year, the company reported profit of $17.51 billion, or $4.14 per share. Revenue was reported as $134.79 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VZ at https://www.zacks.com/ap/VZ