Verizon Communications' first-quarter report received glowing reviews today as the telecom delivered a profit that -- excluding one-time items -- beat Wall Street forecasts by 4 cents a share. Verizon Wireless totaled 86.6 million customers, of which 13.2 million belonged to recently acquired Alltel, although average revenue per user slid a bit to $50.74. The telecom's wireless unit, which now ranks as the largest in the U.S., accounted for 57% of the company's total revenue.

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