Verizon First-Quarter Profit Beats Estimates on Smartphones

Verizon Communications Inc., the second-largest U.S. phone company, posted earnings that beat analysts’ estimates as smartphone demand boosted subscriber count and slowing sales of Apple Inc.’s iPhone helped margins.

First-quarter earnings rose to 59 cents a share from 51 cents a year earlier, New York-based Verizon said today. Analysts projected 58 cents, the average of estimates compiled by Bloomberg. Sales gained 4.6 percent to $28.2 billion, compared with the $28.1 billion analysts predicted.