Verizon meets 1Q profit forecasts on seasonally weak quarter

NEW YORK (AP) — Verizon Communications Inc. on Thursday reported a 2.2 percent rise in its first-quarter profit, matching Wall Street expectations as the company dealt with seasonally low volume.

The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.06 per share.

Landline and cable employees have been on strike since last Wednesday after workers and the company failed to agree on a contract.

Verizon said the strike will likely put pressure on its second quarter results because of the timing of cost reductions.