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Verizon stock rises as profit beats estimates

Verizon shares rose the most in five months and are hovering near a 12-year high.
Verizon shares rose the most in five months and are hovering near a 12-year high.

Verizon Communications Inc., the second-largest US phone company, posted quarterly profit that beat estimates, bolstered by customers signing up for data plans. Earnings rose to 68 cents a share; analysts had estimated 65 cents. More than 61 percent of Verizon’s wireless subscribers own smartphones, meaning they typically use more data — and pay higher bills. Verizon Wireless added 677,000 monthly contract users. Wall Street was projecting 629,000.

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