Verizon posts net income, revenue losses in Q1

By Ovunc Kutlu

NEW YORK (AA) - Verizon saw its net income and revenue decline in the first quarter, according to the American telecommunications giant's financial results released Thursday.

Net income fell 20 percent to $3.55 billion in the first three months of the year, from $4.43 billion the same time a year ago.

Revenue decreased 7.3 percent to $29.81 billion, from $32.17 billion, during the same period.

The company also lost 307,000 customers in January-March period this year, compared to 640,000 customers it won in the first quarter of last year.

The firm prepares to expand its user base by buying Yahoo. The $4.48 billion deal is expected to be closed in June.

Regarding the proposed agreement, Yahoo filed with the Securities and Exchange Commission on April 10, Verizon said in its financial results.