Verizon Communications said Tuesday that first-quarter revenue increased on strong wireless sales, but saw earnings dip due to merger costs.Net income in the quarter ending March 31 fell 7 percent to US$1.6 billion, or $0.56 per share, from $1.8 billion, or $0.63 per share, in the same quarter last year. The first-quarter earnings reflect fees for special items, including merger costs, of $0.04 per share. Merger integration costs totaled $55 million. Excluding costs, Verizon’s earnings per share were $0.60, edging out the average forecast of analysts polled by Thomson Financial, who expected earnings per share of $0.59. Net revenue soared 25 percent to $22.7 billion from $18.2 billion a year earlier due to its wireless business and the acquisition of MCI, which closed in January. Verizon Wireless posted a 19 percent hike in first-quarter revenue to $8.8 billion. It was the 15th consecutive quarter of double-digit, year-over-year revenue growth.The unit added 1.7 million customers in the first quarter, bringing its total to 53 million. Verizon Wireless is a joint venture with Vodafone Group.In the wireline segment, revenue was up 33 percent to $12.5 billion due in large part to the addition of MCI’s fixed-line business, which serves mostly large corporate customers.Verizon said the integration of MCI is on track. Of the 3,500 job reductions planned this year, more than one-third were achieved in the first quarter. The company aims to reduce operating expenses by $550 million by cutting redundant processes and positions.-John Blau, IDG News ServiceCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content BrandPost Are tech layoffs inevitable, or can your company avoid them? Despite tech industry layoffs, one ITSM company remains committed to growth and expansion of internal teams. The company’s successful endeavor is largely credited to one difference between TOPdesk and other tech organizations. By TOPdesk Mar 30, 2023 6 mins IT Leadership Analysis CIOs must evolve to stave off existential threat to their role With LOB leaders learning tech faster than CIOs gain business-savvy, IT leaders must strengthen advisory skills, build relationships, and embrace strategic transformation before losing out to business counterparts. By Yashvendra Singh Mar 30, 2023 10 mins Roles Opinion 5 ways AI will transform CRM Recent announcements by Microsoft and Salesforce on how they’re ramping up integration of AI tools into their software offerings mark the start of a revolution in the CRM marketplace. By Martin De Saulles Mar 30, 2023 4 mins Channel Sales CRM Systems Artificial Intelligence Interview From CIO to CX SVP, Cisco’s Jacqueline Guichelaar takes a road less travelled By David Binning Mar 29, 2023 7 mins Careers IT Leadership Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe