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VOL. 38 | NO. 29 | Friday, July 18, 2014

Verizon 2Q profit rises 93 percent

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NEW YORK (AP) — Verizon is reporting that its second-quarter earnings nearly doubled after securing full ownership of Verizon Wireless.

Profit jumped to $4.32 billion from $2.25 billion, or 78 cents per share. Net income per share grew, but at a lower rate, to $1.01 per share from 78 cents per share. That's because Verizon issued shares in February to pay Vodafone shareholders for their share of Verizon Wireless.

Adjusted for non-recurring gains, earnings were 91 cents per share, just edging out the 90 cents per share that analysts were expecting, according to a survey by Zacks Investment Research.

Revenue rose 5.7 percent to $31.48 billion from $29.79 billion last year. Analysts expected $31.09 billion, according to Zacks.

Shares of Verizon Communications Inc. dipped more than 1 percent Tuesday before the opening bell.

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