Verizon reports steady profit

Verizon Communications reported steady earnings in a stormy economy, according to an Associated Press report.

The US' second-largest telecoms company said first-quarter earnings rose 9.8% as its mobile division signed up more new customers than rival carriers did, the report said.

Verizon earned €1.02 billion (US$1.64 billion) in the quarter that ended March 31, compared with €959 million (US$1.5 billion) a year ago.

Revenue rose 5.5% to €15.1 billion (US$23.8 billion).

Earnings matched expectations of analysts polled by Thomson Financial. Revenue fell slightly short of analyst expectations of €15.2 billion (US$23.86 billion).

Analysts reckon carriers will hold up well, even as the economy slows, which AT&T, Verizon's largest rival, did with an earnings report last week that showed little sign of trouble.