Verizon 2Q profit up 12 percent

[July 28, 2008]  NEW YORK (AP) -- Verizon Communications Inc. says its second-quarter earnings rose 12 percent, while revenue was slightly shy of expectations.

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

Verizon says 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 says revenue rose 3.7 percent to $24.1 billion. Thomson says analysts expected $24.2 billion.

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

[Associated Press]

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