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July 17, 1997updated 05 Sep 2016 12:48pm

GTE CORP REPORTS SECOND QUARTER IN LINE WITH WALL STREET

By CBR Staff Writer

GTE Corp reported second quarter net profit up 6 % over last year to 70 cents per share, or $671 million, in line with analysts’ estimates as reported by First Call. The Stamford, Connecticut- based company’s revenue was up 7.5% to $5.69bn, from $5.29bn for the same quarter last year. For the half year, GTE had total revenue up 7.1% at $10.97bn, from $10.4bn in the first half of 1996. The half-year figure includes a $25 million charge for recent data-communications investments, including the acquisition of BBN Corp (June 11), the purchase of a fiber optic network and a strategic alliance with Cisco Systems. Excluding the charge, net income for the second quarter was $696 million, or 73 cents a share. Breaking out the figures the operators domestic network services revenue, including wireline and wireless operations, increased 7% year on year to $3.65 billion. GTE had an 8% growth in domestic access lines, 14% increase growth in minutes of use of its domestic local network and a 74% increase of new services such as voice messaging, caller ID and long distance calling. The company’s US cellular business was up 11%, to $654 million. Internationally, cellular revenue grew 6 percent, to $550 million.

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