Verizon's quarterly earnings drop 30%

Verizon Communications Inc. on Monday reported a 30% decline in third-quarter profit as consumers and businesses cut spending on wireline-phone service.

The New York-based carrier has relied on its mobile and fiber-optic (FiOS) divisions to generate growth, but gains in those parts of its business did not fully offset the decline in traditional local service.

Verizon's wireless division also came under more pressure as smaller rivals offered sharper discounts and AT&T Inc. began selling newer and cheaper versions of the iPhone.

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- Posted: 2009-10-26 13:03:59

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