Verizon Q4 loss doubles to nearly $2 billion despite record subscriber adds
A record 2.1 million net postpaid subscriber additions and record fourth-quarter smartphone activations couldn’t offset huge charges related to pensions and costs associated with Hurricane Sandy, leaving Verizon (VZ) with a $1.93 billion loss in the holiday quarter. Verizon’s Q4 profit reached $0.45 per share excluding one-time charges and costs related to the storm, still short of the $0.52 analysts were expecting. Revenue in the quarter rose 4.5% to $30 billion, topping Wall Street’s $29.8 billion consensus. ”Verizon seized growth opportunities in the fourth quarter to cap a year of solid progress across the entire business,” Verizon CEO Lowell McAdam said. “We delivered a total return of 13.2 percent to shareholders in 2012, and we enter 2013 ready to accelerate the
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