Philip Morris, Verizon Announce Earnings

Philip Morris (PM) announced that profit in the first quarter fell by nearly two percent due to a lower number of cigarettes sold. The company said that it earned $2.13 billion, or $1.28 per share, versus $2.16 billion, or $1.25 per share in the same period last year. Excluding items, profit was $1.29 per share, below estimates of $1.34 per share. Revenue increased by two percent excluding excise taxes to $7.6 billion, while analysts expected $7.5 billion.