Verizon Communications, the No. 1 U.S. wireless carrier, reported a 20% fall in quarterly profit as it lost wireless postpaid subscribers despite the re-launch of unlimited data plans.
Net income attributable to the company fell to $3.45 billion, or $0.84 per share, in the first quarter ended March 31, from $4.31 billion, or $1.06 per share, a year earlier.
Verizon (VZ, -1.08%) said it lost 307,000 retail postpaid subscribers on a net basis in the first quarter. Analysts on average were expecting net additions of 222,000, according to market research firm FactSet StreetAccount.
Verizon is struggling to fend off smaller rivals T-Mobile US (TMUS, -0.49%) and Sprint (S, +0.12%) in a maturing market for U.S. wireless service.
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