Verizon 3Q profit rises, bolstered by wireless

(AP)—Verizon's third-quarter net income climbed 15 percent, driven by the strength of its wireless business.

For the three months ended Sept. 30, the parent of the country's biggest wireless carrier earnings available to Verizon common shareholders of $1.59 billion, or 56 cents per share. That's up from $1.38 billion, or 49 cents per share, a year ago.

Removing 8 cents per share in charges related to patent lawsuit settlements, earnings were 64 cents per share. That matched analysts' expectations.

Revenue increased 4 percent to $29.01 billion from $27.91 billion. That also matched analysts' expectations.

Verizon Communications Inc. said Thursday that its wireless business reported record high margins and improved revenue. Smartphone use continued to spread, making up 53 percent of the unit's retail postpaid customer phone base.

The company said it's still on pace to meet its 2012 financial goals.

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