Verizon says promotions to hurt profit
Dec 8 (Reuters) - Verizon Communications Inc said promotional offers and price cuts in its wireless business would eat into profit for the fourth quarter, sending the company's shares down 1 percent in extended trading.
The largest U.S. wireless carrier has been cautious in cutting prices in a hyper-competitive environment, but recently launched a series of promotions following price reductions by rivals.
Verizon said the promotional offers would put "short-term pressure" on its earnings before interest, taxes, depreciation and amortization (EBITDA) and EBITDA service margin in its wireless segment.
The company is scheduled to report current-quarter results on Jan. 22, 2015.
Verizon shares closed at $48.90 on the New York Stock Exchange on Monday. (Reporting by Anya George Tharakan in Bengaluru; Editing by Joyjeet Das)
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