Verizon Inc.’s first-quarter profit fell 13%, and executives warned that higher consumer prices, heavier corporate expenses and rising interest costs would pressure earnings in the months ahead.
The company said Friday that this year’s overall wireless-service revenue—the heart of its business—would hit the low end of its previously issued 9%-to-10% growth target. Executives also said that per-share earnings, adjusted to omit certain nonrecurring costs, would arrive at the low end of their projected range between $5.40 and $5.55.
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