Verizon Outpaces Growth Predictions, But Posts Loss Due to Layoffs

Verizon Communications (VZ), the giant telecommunications company, handily beat Wall Street's expectations for subscriber growth, but posted a quarterly loss thanks to a $3 billion charge from a major round of layoffs in its wireline business. Verizon, which along with Vodaphone owns Verizon Wireless, the leading U.S. mobile service provider, added 2.2 million mobile users compared with Wall Street's expectation of 1.5 million, according to four analysts cited by Reuters.