Verizon added far fewer wireless subscribers than expected in the third quarter amid a price war with rivals in an oversaturated phone market. Jeanne Yurman reports.
A slump in subscriber numbers weighed on Verizon's third quarter. Its revenue fell more than six and half percent to just under $31 billion as it battles rivals in a price war in an oversaturated phone market. Its profit narrowly beat Street estimates. Verizon said it added 442,000 subscribers - way below the estimate for more than 766,000. The wireless giant is attempting to tap into new revenue from digital advertising and media. It acquired AOL and plans to buy Yahoo for its digital web properties and ad technology tools to help it compete with web giants Facebook and Google. A massive security breech recently disclosed by Yahoo has thrown takeover plans into question. Verizon has not yet decided whether it will proceed with the buyout.