IE 11 is not supported. For an optimal experience visit our site on another browser.

Wireless helps boost Verizon profit

Verizon Communications Inc.'s second quarter profit rose 19 percent, boosted by the sale of the huge telephone company's operations in Hawaii and another powerful showing for Verizon Wireless.
/ Source: The Associated Press

Verizon Communications Inc.'s second quarter profit rose 19 percent, boosted by the sale of the huge telephone company's operations in Hawaii and another powerful showing for Verizon Wireless.

Verizon said Tuesday it earned $2.11 billion, or 75 cents per share, in the three months ended June 30 including $336 million from the Hawaii deal, as well as some roughly offsetting tax benefits and expenses. In the same quarter last year, Verizon earned $1.80 billion, or 64 cents per share.

Second-quarter revenue totaled $18.57 billion, up 4.6 percent from $17.76 billion a year ago. Under accounting rules, those figures include 100 percent of the revenues generated by the cellular business, a joint venture with Vodafone Group PLC in which Verizon owns a 55 percent stake.

Revenue from Verizon Wireless rose 14.6 percent to $7.8 billion, as the nation's second largest mobile phone business increased its subscriber base by 1.9 million.