NEW YORK (AP) — Verizon posted a large loss for its latest quarter on an adjustment for the value of its pension plans, but also saw more people signing contracts for wireless service.
Verizon Communications Inc. on Tuesday said it lost $2.02 billion, or 71 cents per share, in the last three months of 2011. That compares with net income of $2.64 billion, or 93 cents per share, a year ago.
Verizon had warned that the big pension charge was coming.
Excluding the pension effect and another one-time item, Verizon says it earned 52 cents per share. That’s a penny shy of the average forecast of analysts polled by FactSet. Comparable earnings last year were 54 cents per share.
Revenue rose 7.7 percent to $28.4 billion, in line with analysts’ expectations.