Verizon Earnings Miss Estimates as Subsidies Crimp Profit
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Verizon Communications Inc., the second-largest U.S. phone company, missed earnings estimates after a record number of new wireless subscribers led to a surge in profit-squeezing smartphone subsidies.
Fourth-quarter earnings fell to 45 cents a share, excluding one-time costs such as 7 cents in expenses from Superstorm Sandy, the New York-based company said today in a statement. Analysts had estimated 50 cents on average for the period, according to data compiled by Bloomberg.