Verizon Communication's (NYSE: VZ) third-quarter profit plunged 29 percent while revenues rose 10 percent as Big Red managed to narrowly beat Wall Street estimates. Verizon profit dove to $2.89 billion, or $0.41 per share, from $3.2 billion, or $0.59 per share, in the same period last year. Revenue, however, spiked a bit over 10 percent to $27.2 billion from $24.7 billion.

On an adjusted basis (non-GAAP), Verizon beat the Street by a penny, posting earnings of $0.60 per share. Analysts had expected $27.1 billion in revenue, with $0.59 per share, according to Thomson Reuters.

Verizon Wireless, owned by Verizon and Vodafone Group (NYSE: VOD), added 1.2 million net new subscribers in the quarter, trailing rival AT&T (NYSE: T), which added 2 million subscribers during the three-month period. Verizon remains the nation's No. 1 wireless carrier, however.

Mirroring the overall trend in the telecommunications industry, the company reported healthy wireless performance while its landline business suffered.

Get the full story here at InternetNews.com.