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Verizon: quarterly profits down, loss of subscribers

( - Verizon on Friday reported a significant loss in its quarterly profits, despite - excluding exceptional items - coming out above analysts' estimates.

The number one US telecoms operator this morning reported net profits down 23% to five billion dollars for the third quarter, i.e. 1.17 dollars per share.

Excluding exceptional items, earnings per share come to 1.32 dollars, when consensus was 1.29 dollars. Its earnings progressed 4% to 34.2 billion dollars.

In a press release, Verizon explains that it has suffered from its recent price rise, aimed at counteracting inflationary pressures, which ended up with a net loss of 189,000 clients for its mobile telephone service over the quarter.

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