News Summary: Verizon posts record loss in 4th-qtr

News Summary: Verizon reports strong subscriber growth but posts loss for 4th qtr on charges

Associated Press

THE GOOD NEWS: Verizon Wireless pulled in new subscribers faster than ever in the fourth quarter, adding a net 2.2 million. Including upgrades, it activated 9.8 million smartphones, also a record.

THE BAD NEWS: Verizon posted a record quarterly loss of $4.23 billion. That was mainly because of an annual adjustment to its pension obligations and funding, but the destruction of Superstorm Sandy and aggressive smartphone promotions contributed.

VS. THE STREET: Excluding pension and tax effects and the most easily quantifiable storm damage, Verizon earned 45 cents per share. That was still below the 50 cents per share analysts expected, but the stock barely budged.

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