Despite a strong lineup of smart phones powered by Google’s operating system, Verizon Communications on Friday reported a 25 percent drop in profit and a slowing number of new customers during the third quarter.

The company cited pension settlements resulting from layoffs and voluntary departures as the main reason for the smaller profit. Net income dipped to $881 million, or 31 cents a share, considerably lower than the $1.2 billion, or 41 cents a share, reported a year ago. But, excluding the pension-related charges and acquisitions, including the sale of 4 million phone lines to Frontier Communications, Verizon’s earnings were 56 cents a share — beating the average expected by Wall Street analysts by 2 cents.

In addition, operating revenue slipped nearly 3 percent, to $26.5 billion, from $27.3 billion in the same quarter a year ago. Analysts had anticipated revenue of $26.3 billion.