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Verizon: 1Q Earnings Snapshot

NEW YORK (AP) -- Verizon Communications Inc. on Tuesday reported first quarter net income of $5.03 billion.

The New York company said it had net income of $1.22 per share. Earnings, adjusted for non-recurring gains, came to $1.20 per share.

The results topped Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.

The largest U.S. cellphone carrier posted revenue of $32.13 billion in the period, which missed Street forecasts. Seventeen analysts surveyed by Zacks expected $32.17 billion.

Verizon shares have climbed almost 4% since the beginning of the year, while the Standard & Poor's 500 index has risen 16%. The stock has risen 21% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VZ at https://www.zacks.com/ap/VZ