Verizon Quarterly Earnings Rise 15%

Yet Verizon managed to surpass AT&T Inc. as the No. 1 wireless carrier in the U.S. via its acquisition earlier this month or regional operator Alltel. The deal pushed the company's total wireless base to more than 80 million customers, compared to AT&T's 75 million-plus.

Both companies have relied on wireless to drive growth over the past decade, especially given the weakness in their traditional local and long-distance phone divisions. Each company has lost millions of local customers in recent years, with many switching to cable and others using their mobile phones exclusively.

UPDATE: Verizon Quarterly Earnings Rise 15%