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Verizon Profitability Surges as Bills Rise on IPhone

Verizon Communications Inc., the second-largest U.S. phone company, reported an increase in profitability at its wireless unit that topped analyst estimates as sales of smartphones boosted customers’ bills.

The profit margin in the Verizon Wireless business, based on earnings before interest, taxes, depreciation and amortization, rose to 50 percent in the third quarter from 49 percent in the previous quarter, the New York-based company said today in a statement. The average estimate of eight analysts compiled by Bloomberg was for 48.4 percent.