Mobile and telecoms giant Verizon Communications Inc (NYSE:VZ) has moved to the second stage of the process to buy assets or all of struggling internet provider Yahoo, reports today suggested.
Verizon has been tipped as a frontrunner in the Yahoo race largely because of its need to build scale in its mobile advertising operation as its telecom business slows.
The group met earnings expectations in its first quarter to March, though there was a slight miss on revenues compared to market forecasts.
Earnings per share rose 3% to US$1.06 in (US$1.02) on turnover of US$32.2bn, up 0.6% though without the contribution of acquisition AOL revenues declined 1.5%.
Some 640,00 new subscribers signed up, 13% higher than a year ago, while the churn rate fell again to 0.96%.
At the end of the period, Verizon had 112.6mln retail connections, up 3.7%. There were 452,000 4G smartphone additions to its customer base.
"Verizon's strong first-quarter results demonstrate our capacity to compete effectively, while executing on our plan of continued network leadership and seeding new growth markets in mobile video and the Internet of Things," said chief executive Lowell McAdam.