Verizon Communications (NYSE:VZ) is trading over 2 percent lower today after the company posted the results from its fourth quarter. The company said that a pension adjustment as well as delayed profits from customers who registered for an iPhone were the reasons for the loss of $2 billion during the quarter.
The company said that it lost $2.02 billion, or 71 cents a share, during the quarter, well down compared to the profit of $2.64 billion that it reported during the same quarter last year. Excluding one time items and the effect of the pension charge the company would have earned 52 cents per share, putting it a penny below analyst expectations.
The company has been offering new customers iPhones at discounted rates in the hope that those customers will pay higher monthly bills. That delays profits the majority of profits as the company subsidizes iPhone sales but earns from their services over the future.
Revenue during the period rose by 7.7 percent to $28.4 billion from $26.4 billion last year.
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