Verizon reports profit rise

VerizonNew York  - Verizon, the second largest US telecom company, reported strong growth Monday on the back of growing mobile communications business.

Sales rose by 5.5 per cent to 23.83 billion dollars (15.21 billion euros), while profits climbed almost 10 per cent in the first quarter to 1.64 billion dollars, results released in New York showed.

The results were roughly in line with analysts' expectations.

"Verizon has weathered the current economic uncertainty with strong first-quarter results," Verizon Chairman and CEO Ivan Seidenberg said.

Verizon has a total of 67.2 million mobile phone customers under contract. (dpa)

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