Verizon Communications on Tuesday reported a $2.02 billion fourth-quarter loss, mostly due to one-time charges of $3.4 billion for severance, pension, and benefits, as well as increased subsidy costs for iPhone sales.
The quarterly loss, which was 71 cents per share, compared to $2.64 billion in profit in the same quarter a year ago. Not counting one-time charges, Verizon posted earnings per share of 52 cents, just missing analyst estimates of 53 cents.
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