Verizon Posts 2Q Profit As Revenues Rise - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Infrastructure

Verizon Posts 2Q Profit As Revenues Rise

The nation's largest telephone company says increased long-distance and wireless revenue offset a decline in local phone service.

NEW YORK (AP) -- Verizon Communications Inc. earned $338 million in the second quarter as revenues edged higher, with strong growth in new long-distance calling and mobile phone customers helping offset declining revenues from local phone service.

The profit at the nation's biggest telephone company, which amounted to 12 cents per share, compared with a loss of $2.12 billion or 78 cents per share in the second quarter of 2002.

The latest results include a $952 million loss from the sale of stake in Grupo Iusacell, a Mexican cell phone company, by Verizon and wireless partner Vodafone of Britain. It also includes about $600 million in expenses related to debt reduction and labor costs such as severance payments and pension benefits.

Excluding those costs, Verizon posted an operating profit of 69 cents per share, a penny better than Wall Street forecasts.

Second-quarter revenues totaled $16.83 billion, up slightly from $16.75 billion in the year-earlier period. The year-ago figures include about $250 million in revenues from operations that Verizon has since sold.

The company said its results reflect growth from the net addition of 1.3 million Verizon Wireless customers and 1.4 million long-distance lines.

Verizon Wireless' revenues grew 14.3 percent to $5.5 billion. Long-distance revenues totaled $901 million, up 17.2 percent. However, overall revenues from non-wireless phone service, including the company's core local business, declined 3.4 percent to $9.9 billion.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
News
COVID-19: Using Data to Map Infections, Hospital Beds, and More
Jessica Davis, Senior Editor, Enterprise Apps,  3/25/2020
Commentary
Enterprise Guide to Robotic Process Automation
Cathleen Gagne, Managing Editor, InformationWeek,  3/23/2020
Slideshows
How Startup Innovation Can Help Enterprises Face COVID-19
Joao-Pierre S. Ruth, Senior Writer,  3/24/2020
White Papers
Register for InformationWeek Newsletters
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
Video
Current Issue
IT Careers: Tech Drives Constant Change
Advances in information technology and management concepts mean that IT professionals must update their skill sets, even their career goals on an almost yearly basis. In this IT Trend Report, experts share advice on how IT pros can keep up with this every-changing job market. Read it today!
Slideshows
Flash Poll