Verizon quarter profit up by 9.8 percent on robust fiber-optic services

Verizon Communications Inc. said its first quarter profit climbed by 9.8 percent due to strong growth in sales of domestic fiber-optic services.

The company’s net profit rose to $1.6 billion or 57 cents a share from $1.5 billion or 51 cents a share in the previous year quarter. Its net revenue rose 5.5 percent to $23.8 billion.

The company competes with rival telecom companies like AT&T, Sprint for wireless customers however with the inclusion of FiOS TV fiber-optic service, it has also started competing with Comcast and Time warner.