Verizon profits decline as revenue rises

From CNET News.com: Verizon Communications' profits declined 7 percent year over year, even though the company added more subscribers and increased revenue.

The company's second-quarter results, released Monday, were in line with analyst predictions.

Verizon said Monday it earned $3.16 billion, or 52 cents per share, in the quarter. During the same quarter a year ago, the company earned $3.4 billion, or 66 cents per share.

Excluding special items, the company said it earned about 63 cents per share.

Meanwhile, Verizon increased revenue to $26.86 billion from $24.1 billion last year, an 11 percent increase. This was largely due to the acquisition of regional carrier Alltel. The deal closed in January.

Verizon Wireless, a joint venture between Verizon Communications and Vodafone, added 1.1 million new customers in the second quarter to bring its total to 87.7 million subscribers. Still, the company attracted fewer new customers than rival AT&T, which added 1.4 million new subscribers.

View: Article @ Source Site