Verizon profit declines due to loss of subscribers

Verizon Communications Inc, the major U.S. wireless operator, expectations for the number of customers in the third quarter fell short as increasing the prices of plans forced many users to replace Verizon with a more affordable wireless operator. That's what Matt Ellis, Verizon's chief financial officer, said. He also noted that the situation isn’t likely to change in the next quarter.

By Verizon's own calculations, 198,000 customers left them after the company introduced additional services to already expensive plans at the beginning of the summer. At the same time, the company's profits fell by more than 20%.