Verizon shares falter after quarterly report
Verizon Communications retreated slightly after reporting a larger-than-expected quarterly loss.
The New York-based telecommunications giant closed at $42.67 on Friday, down about 1 percent for the week.
On Tuesday, Verizon reported it lost $4.2 billion in the fourth quarter, double its year-earlier loss, on impacts from Hurricane Sandy and rising pension costs.
Verizon, which lost $1.48 a share for the quarter, reported effects from Hurricane Sandy cost 7 cents a share, and pension charges cost $1.55 a share.
Revenue, though, climbed to $30.05 billion, up 5.7 percent over the same 2012 period.
The company reported its wireless business is growing and that it sold 9.8 million smartphones in the quarter, compared to 7.7 million in the year-earlier period.
Average monthly revenue from Verizon's new shared-data plans increased by 6.6 percent to $146.80.
Verizon has a customer and technical services center in downtown Scranton and a customer service operation in Wilkes-Barre.