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October 24, 2010

Verizon Q3 revenue marginally down to $26.5bn

Operating expenses were $22.7bn in Q3 2010

By CBR Staff Writer

Verizon Communications has reported revenue of $26.5bn for the third quarter of 2010, a decrease of 2.9% compared to $27.3bn for the same period last year.

Operating income for the quarter was down by 6% to $3.7bn, compared to $4bn for the same period last year.

Total operating expenses were $22.7bn, compared to $23.3bn for the same period last year.

The company posted a flat net income of $3bn or EPS of $0.31 for the third quarter of 2010, compared to $2.9bn or EPS of $0.41 for the same period last year.

Verizon chairman and CEO Ivan Seidenberg said the company built on a strong second quarter with a stronger third quarter, resulting in improved earnings performance and substantial cash flow.

"We are building momentum and are on track to achieve our goal of growing earnings in the second half of the year and are excited by the opportunities we see to expand wireline margins and the growth we see related to the upcoming launch of next-generation wireless services," Seidenberg said.

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The company expects for second-half 2010 adjusted EPS to be approximately 5% to 10% greater than $1.01.

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