Verizon 30% decline in third-quarter profit earnings
Verizon Communications has now reported a 30 percent decline in Q3 profit which they say is due to consumers and businesses cutting spending on wireline-phone services reports an article over on market watch.
Verizon has been relying on their mobile division to boost growth; however, gains in the mobile sector of the business have not fully offset the decline in local services.
In the same time span, while Verizon gained some 1.2 million mobile subs, rival AT&T gained 2 million, basically due to the exclusive iPhone. Peter Rhamey, an analyst for BMO Capital Markets said we view results as mixed as AT&T outperformed Verizon in the quarter while FiOS growth slowed.