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Verizon Misses Profit Estimates as Price Pressure Takes Toll

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Verizon Communications Inc., the largest U.S. wireless carrier, missed analysts’ fourth-quarter profit estimates as a surge in sales of deeply discounted phones squeezed margins.

Earnings, excluding some items, of 71 cents a share fell short of analysts’ average projection of 72 cents. Wireless profit margins narrowed to 42 percent, the New York-based company said in a statement. That was worse than the 44.1 percent estimated on average by seven analysts surveyed by Bloomberg.