Verizon Communications Inc. (VZ.N) on Tuesday reported fourth-quarter profit of US$4.5 billion.

The New York-based company said it had profit of US$1.10 per share. Earnings, adjusted for non-recurring gains, came to 86 cents per share.

The results fell short of Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share.

The largest U.S. cellphone carrier posted revenue of US$32.34 billion in the period, beating Street forecasts. Sixteen analysts surveyed by Zacks expected US$32.16 billion.

For the year, the company reported profit of US$13.13 billion, or US$3.21 per share. Revenue was reported as US$125.98 billion.

Verizon shares have fallen almost 2 per cent since the beginning of the year, while the Standard & Poor's 500 index has climbed 1 per cent. The stock has risen 14 per cent in the last 12 months.