Verizon cuts profit forecast

Verizon Communications Inc. cut its full-year earnings and revenue forecast as the largest U.S. wireless carrier struggles to keep pace with rivals that have made gains through heavy phone discounts.

Earnings per share, excluding some items, are expected to be between $5.10 to $5.25 for the year, down from a range of $5.40 to $5.55, Verizon said Friday in a statement.

The company also reduced its forecast for service and other revenue, calling for as much as a 1% decline.

The outlook had previously been for flat revenue growth compared with a year ago. Both revised forecasts were below analyst estimates.

Second-quarter adjusted earnings per share were $1.31, missing the average analyst estimate of $1.33.

While revenue in the quarter matched estimates, Verizon added only 12,000 monthly wireless phone subscribers in the quarter, well below analysts’ predictions for 167,200 new phone customers.

WWE’s McMahon stepping down

Vince McMahon, the chairman and CEO of World Wrestling Entertainment who helped shape the company, is retiring from his roles, he announced Friday.

McMahon’s retirement comes after the company’s board began investigating him and John Laurinaitis, WWE’s former head of talent relations, in April for alleged sexual misconduct.

McMahon temporarily stepped down from his responsibilities as CEO and chairman in June pending the conclusion of the investigation.

That same month, Laurinaitis, a former wrestler whose ring name was Johnny Ace, was placed on administrative leave as a result of the allegations.

Stephanie McMahon became interim CEO and chairwoman when her father stepped back in June. She and WWE’s president, Nick Khan, will serve as co-CEOs, according to the statement.

In 1982, Vince McMahon purchased the company, which was still called the World Wrestling Federation, from his father, Vincent J. McMahon.

From wire reports