News Column

Verizon 2Q income tops estimates

July 22, 2014

By Mike Snider, USA TODAY

Wireless giant Verizon Communications said Tuesday that increased wireless contracts and home Net subscriptions helped drive the wireless giant to its largest quarterly revenue growth in 18 months.

The company earned $4.2 billion in net income for the quarter, vs. $2.2 billion in the year-ago period. The improved earnings over last year's quarter reflect Verizon earlier this year finalizing the acquisition of the 45% stake in Verizon Wireless that it didn't own from U.K.-based Vodafone for $130 billion.

"Verizon's second-quarter results continue to demonstrate our ability to deliver strong customer growth, with equally strong financial performance, in a dynamic and competitive environment," said Chairman and CEO Lowell McAdam, in a statement. "We have great momentum heading into the second half of the year."

Adjusted earnings per share of 91 cents beat analysts' estimates of 90 cents.

Verizon's stock closed up 0.6% to $50.98.

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Source: USA Today

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