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Verizon reports drop in wireless revenue, earnings

By Yingcong(June) Fu

Shares of Verizon Communications Inc. fell more than 4 percent on Tuesday after the company reported a decline in earnings and wireless revenue in the fourth quarter.

The telecommunications giant reported fourth-quarter revenue of $32.3 billion, 6 percent lower than the year-earlier period as wireless revenue fell 1.5 percent to $23.3 billion. Net income decreased 17 percent to $4.5 billion, or $1.10 per diluted share, from $5.4 billion, or $1.32 a year ago.

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