What happened? Shares of telecommunications giant Verizon (NYSE:VZ) fell 3.5% in the afternoon session after the company reported third-quarter revenue below estimates, overshadowing strong postpaid phone additions and a $2 billion agreement with Amazon. According to the company's press release, Verizon reported third-quarter revenue of $34.31 billion, up 1.5% from a year earlier and below the $34.77 billion consensus. Adjusted earnings were $1.31 a share, up from $1.21 a year earlier and above the $1.27 consensus. The revenue shortfall came from equipment. Wireless equipment revenue fell 9% because customers are keeping phones longer and Verizon has cut device subsidies. Service revenue moved the other way.
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