NEW YORK (AP) — NEW YORK (AP) — Verizon Communications Inc. (VZ) on Tuesday reported a loss of $2.71 billion in its fourth quarter.

On a per-share basis, the New York-based company said it had a loss of 64 cents. Earnings, adjusted for asset impairment costs and severance costs, were $1.08 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.

The largest U.S. cellphone carrier posted revenue of $35.13 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $34.82 billion.

For the year, the company reported profit of $11.61 billion, or $2.75 per share. Revenue was reported as $133.97 billion.

Verizon expects full-year earnings in the range of $4.50 to $4.70 per share.

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