(NYSE: VZ) stock is making big gains Tuesday following the publication of its fourth-quarter earnings report. The company's share price was up 5.8% as of 2:15 p.m. ET, according to data from S&P Global Market Intelligence.

Verizon posted non-GAAP (adjusted) earnings per share of $1.08 on revenue of $35.1 billion. Earnings for the period were in line with Wall Street's expectations, but the 0.6% sales decline that the business posted was less than expected. The telecom giant beat the average analyst sales target by roughly $550 million.

While the business saw a slight annual sales decline in the quarter, this was primarily due to continued declines for wireline services and lower wireless equipment revenue. Verizon posted encouraging results along most key fronts for the business.

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Source Fool.com