NEW YORK (AP) — NEW YORK (AP) — Verizon Communications Inc. (VZ) on Monday reported first-quarter net income of $5.05 billion.

The New York-based company said it had net income of $1.20 per share. Earnings, adjusted for one-time gains and costs, came to $1.28 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.

The largest U.S. cellphone carrier posted revenue of $34.44 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $35.03 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VZ at https://www.zacks.com/ap/VZ