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Verizon 3Q profit soars as number of devices grows

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October 17, 2013 08:34 AM EST | AP

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NEW YORK — NEW YORK (AP) — Verizon's third-quarter net income jumped 40 percent as it continued to add more wireless devices to its network.

The country's largest cellphone carrier earned $2.23 billion, or 78 cents per share, up from $1.59 billion, or 56 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of 77 cents per share for the recent quarter.

Revenue rose 4 percent to $30.28 billion from $29.01 billion.

The results Thursday beat Wall Street predictions. Analysts polled by FactSet expected a profit of 74 cents per share on $30.15 billion in revenue.

The New York company added 1.1 million net retail wireless connections during the quarter. Of that total, 927,000 were connections that involved monthly service contracts.

As of Sept. 30, the company had 101.2 million retail wireless connections, representing a 6 percent increase over the same day a year ago.

Revenue at the wireless division rose 7 percent to $20.4 billion. That growth included an 8 percent increase in service revenue to $17.5 billion.

Verizon announced last month that it would spend $130 billion to buy the 45 percent stake in its wireless division that was owned by Vodafone Group PLC. Once that deal closes, it will no longer have to share its wireless revenue with the British cellphone company.

Shares of Verizon Communications Inc. rose 2 percent to $48.40 in premarket trading.