Verizon Communications has reported a 7% drop in its profit for the second quarter of 2009, compared to same period last year.
The company has posted a profit of $3.16 billion or 52 cents per share, down from profit of $3.4 billion, or 66 cents per share, in the same quarter a year-ago.
Revenue increased 11% to $26.86 billion for the second quarter of 2009, compared to $24.12 billion for the same period previous year. Total operating revenues grew 11.3% to $26.9 billion, compared with the second quarter 2008, including revenues from wireless operator Alltel, which it acquired in January 2009.
The company said that it added 1.1 million wireless subscribers in the quarter. Verizon’s FiOS business added 300,000 net TV customers and 303,000 net internet customers, for a total of 2.5 million and 3.1 million subscribers, respectevely.
Cash flows from operations totaled $14.1 billion for the first six months of 2009, up 11.9%, over the same period last year.
Ivan Seidenberg, chairman and CEO of Verizon, said: Verizon posted continued strong wireless revenue growth and new levels of sales success with FiOS in the second quarter. This resilience in consumer demand for our wireless, broadband and video products has again produced overall revenue growth despite cyclical impacts, especially in business markets.
