Verizon reports 12% rise in 2Q earnings

BEIJING, July 29 (Xinhuanet) -- Verizon Communications Inc. said its second-quarter earnings rose 12 percent, while revenue was slightly shy of expectations.

America's second-largest telecommunications company said Monday it earned 1.88 billion U.S. dollars, or 66 U.S. cents per share, in the quarter that ended June 30. That's up from 1.68 billion dollars, or 58 cents per share, a year ago.

Verizon said that excluding items, it earned 67 cents a share, beating the average estimate of analysts polled by Thomson Financial by 2 cents.

The New York-based company said revenue rose 3.7 percent to 24.1 billion dollars. Thomson said analysts expected 24.2 billion dollars.

It said the number of its DSL subscribers fell for the first time as customers moved to its fiber-optic service where it is available.

(Agencies)