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Business Briefing / Earnings

Verizon profit tops forecasts

October 27, 2009|Times Wire Reports

Verizon Communications Inc., the second-largest U.S. phone company, reported third-quarter profit that topped analysts' estimates after cutting workers and adding mobile-phone customers.

Profit, excluding severance and other costs, amounted to 60 cents a share, New York-based Verizon said. That compared with the 59-cent average of estimates compiled by Bloomberg.

Sales rose 10% to $27.3 billion, compared with the average projection of $27.2 billion.

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