US telecom giant Verizon Communications on Monday reported a 34 per cent drop in third-quarter net income, hurt by higher international taxes and the sale of properties in New England, according to dpa. But the New York-based phone giant's wireless division fended off a challenge from iPhone and AT&T, adding 1.6 million customers, and boosting total revenue by 5.8 per cent from the year-ago period. For the quarter, Verizon earned net income of 1.27 billion dollars, or 44 cents a share, down from the prior year's 1.92 billion dollars, or 66 cents a share. Revenue rose to 23.77 billion dollars from 22.46 billion dollars a year ago, including a 14.4 per cent gain in wireless sales. During the quarter, Verizon recorded a one-time charge of 16 cents a share related to foreign taxes paid on its investment in Vodafone Omnitel N.V. It also tallied a charge of 2 cents a share related to the sale local-phone lines in Maine, New Hampshire and Vermont. Omitting special items and discontinued operations, Verizon said income would have risen 12.4 per cent to 1.81 billion dollars from 1.61 billion dollars a year ago, slightly ahead of Wall Street estimates.
