Verizon Communications (NYSE:VZ) announced that quarterly profit increased by 16 percent, due to higher revenue from its data business and iPhone sales. The company said it was on track to meet 2012 goals. Profit for the third quarter rose to $1.59 billion, or 56 cents per share, from $1.37 billion, or 49 cents per share, in the same period laster year. Revenue increased to $29.01 billion from $27.91 billion, while analysts had expected $28.96 billion. Excluding items, earnings were 64 cents per share.
Shares are higher in early trading.
Rival AT&T (NYSE:T) will report earnings on November 1, with analysts expecting 61 cents per share.
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