Verizon posts 16-percent increase in quarterly gain

Verizon said on Thursday it was on track to meet 2012 financial goals, while adding its capital spending for the year was expected to be lower than 2011's US$16.2 billion.

Verizon Wireless, like rivals AT&T Inc, and Sprint Nextel, is spending billions of dollars on upgrading its network to support booming demand for services like web surfing and video on smartphones like the iPhone. Higher data usage, in turn, can translate into better profit for these companies.

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