mocoNews - Earnings: Verizon Net Income Falls, But Beats Expectations By A Hair

Verizon's attempts to rein in costs only went so far in Q2, as the company posted profits of $1.48 billion ($0.52 per share), a 22 percent decline from last year's $1.88 billion. Revenue were up 11 percent to $26.86 billion from Q208's $24.1 billion. A Thomson Reuters (NSDQ: TRIN) analysts consensus expected EPS of $0.62, on an adjusted basis. Verizon (NYSE: VZ) was able to beat that by a penny, the AP noted.

The company was also able to add 1 million net new subs, a figure analysts had been expecting as well. For its FiOS TV segment, the company added 300,000 net new customers and 303,000 net new internet subscribers. That gives Verizon a total of 2.5 million FiOS TV customers and 3.1 million internet subs. Revenue per customer was up 13.7 percent

2Q 20092Q 2008Analysts' Estimates For 2009 EPS $0.63 $0.67 $0.62 Net Income $1.48B $1.88B Revenue $26.86B $24.1B $26.86B

Earnings release | Webcast (8:30 AM EDT)