|
The
company's total operating revenue fell to $30.53 billion in the
second quarter ended June 30, from $32.22 billion a year
earlier. Analysts had expected revenue of $30.94 billion,
according to Thomson Reuters I/B/E/S.
Verizon added a net 615,000 wireless retail postpaid subscribers
during the quarter. Analysts on average had expected the company
to sign up a net 784,000 new subscribers, according to market
research firm FactSet StreetAccount.
Net income attributable to Verizon fell to $702 million, or 17
cents per share, from $4.23 billion, or $1.04 per share, a year
earlier.
A strike by about 40,000 Verizon wireline employees, which
lasted nearly seven weeks, reduced earnings by about 7 cents per
share, the company said.
The earnings also took into account a non-cash charge of $2.2
billion, mostly associated with new labor contracts and the sale
of local landline businesses to Frontier Communications Corp <FTR.O>.
Excluding items, Verizon earned 94 cents per share, beating the
average analysts' estimate of 92 cents.
Verizon <VZ.N> said on Monday it would buy Yahoo Inc's <YHOO.O>
core internet properties for $4.83 billion in cash to expand its
digital advertising and media business.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Ted
Kerr)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
