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Summary Box: Verizon's first-quarter earnings rise

The Associated Press

IPHONE BONUS: The launch of the iPhone 4S in the holiday season had a clear effect on Verizon's wireless service revenue, which rose 7.7 percent from a year ago.

BOTTOM LINE: Verizon earned $1.7 billion, or 59 cents per share, on $28.2 billion in revenue. Earnings were up 17 percent from last year, while revenue rose 4.6 percent.

END OF LINE: Chief Financial Officer Fran Shammo said Verizon would stop selling Internet service of the slower, older DSL variety in areas where its fiber-optic FiOS service is available. That means the price of entry-level, standalone Verizon broadband goes to $40 from $25.