Verizon reports 12% rise in Q2 earnings

Verizon Communications's second-quarter earnings rose 12%, the company said, while revenue was slightly shy of expectations and customers disconnected their landlines faster than before, an Associated Press report said.

The nation's second-largest telecommunications company earned €754.5 million (US$1.88 billion), in the quarter ended June 30, up from €741 million (US$1.68 billion), a year ago, the report added.

Revenue rose 3.7% to €15.3 billion (US$24.1 billion) from €14.7 billion (US$23.27 billion) a year ago. Thomson says analysts expected €15.4 billion (US$24.2 billion).

Investors had been expecting the weak economy to catch up to the big telecommunications companies in the second quarter.

AT&T's report last week showed that customers were quicker to move to wireless and cable telephone, but the company otherwise did better than expected.

Verizon lost 11.4% of its residential landlines in the past year, up from a 10.9% decline in the first quarter. But the second quarter is usually a poor one for landlines, said Verizon CFO Doreen Toben.

Looking ahead, Verizon expects to remain relatively insulated from the turmoil in the economy, the Associated Press report further said.

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