Verizon Communications Inc. (NYSE: VZ) reported Friday that it swung to a second-quarter profit of $1.61 billion, 57 cents per share, compared to a loss of $1.19 billion, or 42 cents per share, in the year-earlier quarter. Revenue rose to $27.5 billion from $26.77 billion. Analysts, on average, expected the company to report earnings of 55 cents per share on revenue of $27.43 billion.
"In terms of earnings growth and the acceleration of revenue growth, this has been one of Verizon's best quarters since the 2008 economic downturn," said Chairman and CEO Ivan Seidenberg. "We expanded sequential margins in both our wireline and wireless businesses, and in the second half of the year we expect Verizon to build on this strong, positive momentum to continue to drive profitable, sustainable growth."
Seidenberg added: "We expect Verizon Wireless to gain share in the retail postpaid market and widen its network-quality lead throughout 2011. We also continue to see strong customer demand for FiOS Internet and TV, and for cloud and other strategic services. At the same time, we remain focused on our cost structure, as we deliver improvements in wireline margins quarter after quarter."
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