How you think about Verizon Communications (NYSE: VZ) could depend on whether you see the proverbial glass of water as half-empty or half-full. For example, some will note that the telecom stock has lagged well behind the S 500 over the last 12 months. Others, however, will rightly point out that Verizon has trounced the market over the previous three- and six-month periods.

The difference in views could also surface with the company's fourth-quarter results, announced on Tuesday. Verizon just delivered plenty of bad news -- but here's why investors didn't care.

You won't have to look hard to find negatives with Verizon's Q4 results. Starting at the top of the income statement, the telecom giant's operating revenue slipped 0.3% lower year over year to $35.1 billion.

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Source Fool.com