View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 17, 1997updated 05 Sep 2016 12:48pm


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.

Content from our partners
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business
When it comes to AI, remember not every problem is a nail

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.