Verizon Communications Q2 Profit Decreases, but beats estimates

(RTTNews) - Verizon Communications (VZ) revealed a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $4.77 billion, or $1.10 per share. This compares with $5.32 billion, or $1.24 per share, in last year's second quarter.

Excluding items, Verizon Communications reported adjusted earnings of $1.21 per share for the period.

Analysts on average had expected the company to earn $1.16 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 3.5% to $32.60 billion from $33.79 billion last year.

Verizon Communications earnings at a glance (GAAP) :

-Earnings (Q2): $4.77 Bln. vs. $5.32 Bln. last year. -EPS (Q2): $1.10 vs. $1.24 last year. -Analyst Estimates: $1.16 -Revenue (Q2): $32.60 Bln vs. $33.79 Bln last year.