NEW YORK — Verizon Communications today reported second-quarter net income of $4.7 billion.
On a per-share basis, the company said it had profit of $1.13. Earnings, adjusted for non-recurring costs, were $1.18 per share.
The results exceeded Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.
The largest U.S. cellphone carrier posted revenue of $30.45 billion in the period, also topping Street forecasts. Seventeen analysts surveyed by Zacks expected $29.91 billion.
Verizon shares have fallen 9% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has risen roughly 1% in the past 12 months.