In its third quarter report released on Monday, Verizon Communications, one of the world's top ranked companies, has reported a rise in revenue but a plunge in its profits. If reported figures are to be believed, profits have fallen to 41 cents per share or $2.89 Billion, which is much lesser than the 59 cents a share or $3.2 Billion reported last year during the same quarter.

Revenues, on the other hand, have risen from the earlier $24.75 Billion to $27.27 Billion, a figure which is being taken as a good sign by the company as well as investors and analysts. The posted revenue figures have exceeded the expectations of analysts which, according to Thomson Reuters I/B/E/S, stood strong at $27.17 Billion.

In another figure reported, which has managed to chime an upbeat sound throughout Verizon and its associates is that Verizon Wireless, owned by Verizon and Vodafone Group Plc, has increased its customer base by 1.2 million new subscribers in the reported quarter.