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July 26, 2010

Verizon Q2 revenues decreases marginally to $26.7bn

Wireless segment revenues up marginally to $16bn

By CBR Staff Writer

Verizon Communications has reported operating revenues of $26.77bn for the second quarter of 2010, a decrease of 0.3% compared to $26.86bn for the same period last year.

Operating income for the quarter decreased by 53.8% to $2.03bn, compared to $4.41bn for the same period last year. Total operating expenses were $24.73bn, an increase of 10.2% compared to $22.44bn for the same quarter previous year.

The company posted a net income of $1.54bn or negative EPS of $0.07 for the second quarter of 2010, compared to net income of $3.16bn or EPS of $0.52 for the same period last year.

For the quarter ended June 30, 2010, Verizon wireless segment posted revenues of $16bn, an increase of 3.4% compared to $15.48bn and wireline segment operating revenues were $11.11bn, a decrease of 3.3% compared to $11.48bn for the same period last year.

Ivan Seidenberg, chairman and CEO of Verizon, said: "Verizon showed solid improvement in operational results in the quarter. In addition, the wireline spinoff to Frontier on July 1 improves our future growth profile. We see the opportunity to create additional shareholder value with a revenue portfolio that is now more heavily focused on wireless, FiOS and global IP.

"We have the network platforms in place, and the product and service innovations in the pipeline, to fuel the next generation of growth in our changing industry. Our cost-reduction efforts are gaining momentum, and trends in the global business market are showing signs of stabilisation."

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