UPDATE 2-Verizon revenue, profit beat Street

* Q3 adjusted shr $0.56 vs Street view $0.54

* Q3 Rev $26.48 bln vs Street view $26.35 bln

* Adds 584,000 postpaid subs vs street view 580,000

* Verizon shares fall 0.5 pct in early trade

(Adds analyst quote, outlook, share price)

NEW YORK, Oct 22 (BestGrowthStock) – Verizon Communications Inc
(VZ.N: ) held its ground against AT&T Inc (T.N: ) in the third
quarter as its results edged ahead of Wall Street expectations
from growth at Verizon Wireless.

The company has lost market share to AT&T, the exclusive U.S.
carrier for Apple Inc (Read more about Apple stock future.)’s (AAPL.O: ) iPhone. But Verizon plans to
sell iPhones next year, a move eagerly awaited by investors.

Verizon Wireless, its venture with Vodafone Group Plc
(VOD.L: ), added 584,000 monthly bill-paying customers in the
quarter compared with the average expectation for 580,000 from
six analysts contacted by Reuters.

In comparison, AT&T reported postpaid net additions of
745,000 the day before, boosted by iPhone [ID:nN21128876].

Until it starts selling iPhones, growth at Verizon Wireless,
the biggest U.S. mobile operator, depends heavily on cellphones
based on Google Inc (Read more about Google Stock Analysis)’s (GOOG.O: ) Android.

Verizon’s third-quarter net profit fell to $881 million, or
31 cents per share from $1.18 billion, or 41 cents a share in the
same quarter a year earlier.

Excluding 25 cents per share in charges from a pension
related settlement and other items, Verizon’s earnings per share
were 56 cents, 2 cents ahead of the average estimate from Wall
Street analysts, according to Thomson Reuters I/B/E/S.

Revenue fell to $26.48 billion from $27.27 billion in the
year-ago quarter, slightly ahead of the average analyst estimate
for $26.35 billion.

Excluding year-earlier revenue from the wireline assets it
sold to Frontier Communications (FTR.N: ) in July, Verizon’s
revenue rose 2.1 percent.

Verizon said its adjusted earnings for the second half of
2010 would be at the high end of its previously announced
forecast range for a 5 percent to 10 percent increase from its
$1.01 earnings per share in the first half of the year.

Its shares fell 0.5 percent to $32.35 in early trade after
closing at $32.52 in regular New York Stock Exchange trade.
(Reporting by Sinead Carew; editing by Derek Caney)

UPDATE 2-Verizon revenue, profit beat Street