Verizon profit jumps 31% as expenses drop

NEW YORK (MarketWatch)
Verizon Communications Inc. on Friday said its third-quarter profit rose 31% as revenue increased and the company's selling, general and adminsitrative expenses fell by about $718 million.
Verizon's profit for the three months ended Sept. 30 increased to $3.54 billion, or 49 cents a share, from $2.7 billion, or 23 cents a share, in the year-ago period.
Adjusted profit for the New York firm rose to 56 cents a share from 55 cents a share.
Revenue increased 5% to $27.91 billion.
Verizon was expected to earn 55 cents a share on revenue of $27.89 billion, according to a survey by FactSet Research.
Looking ahead, Verizon said it expects adjusted 2011 earnings to increase by 5% to 8% over its 2010 fiture of $2.08 a share.