NEW YORK (AP) — NEW YORK (AP) — Verizon $VZ Communications Inc. (VZ) on Tuesday reported a loss of $2.71 billion in its fourth quarter.
On a per-share basis, the New York-based company said it had a loss of 64 cents. Earnings, adjusted for asset impairment costs and severance costs, were $1.08 per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The largest U.S. cellphone carrier posted revenue of $35.13 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $34.82 billion.
For the year, the company reported profit of $11.61 billion, or $2.75 per share. Revenue was reported as $133.97 billion.
Verizon expects full-year earnings in the range of $4.50 to $4.70 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VZ at https://www.zacks.com/ap/VZ