NEW YORK — Verizon Communications Inc. today reported second-quarter profit of $5.8 billion.
On a per-share basis, the New York-based company said it had net income of $1.40. Earnings, adjusted for non-recurring gains, came to $1.37 per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The largest U.S. cellphone carrier posted revenue of $33.76 billion in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $32.69 billion.
Verizon expects full-year earnings in the range of $5.25 to $5.35 per share.
Verizon shares have dropped slightly more than 5% since the beginning of the year, while the S&P’s 500 index has risen 15%. The stock has declined 0.5% in the past 12 months.