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Verizon Posts 12% Growth in Second-Quarter Profits

5:55 am on July 29, 2008 | Category: Business, Corporate

America’s second-largest telecom operator, Verizon Communications, has reported a 12% increase in second-quarter net income.

The company posted profits of $1.88 billion, or $0.66/share, for the three months ending on June 30, up from $1.68 billion, or $0.58/share, in the same period a year earlier. Overall revenue also rose to $24.1 billion from $23.3 billion in the second quarter of 2007.

“Verizon continued to grow in all key strategic areas in the second quarter, despite the economic headwinds,” commented Verizon CEO and Chairman, Ivan Seidenberg.

Verizon executives “feel very comfortable with our business plan, despite some of the concerns that others have expressed about the economy,” added the comapny’s Chief Operating Officer, Dennis Strigl. “Although we may see some softening in some of our volumes, we do not expect any significant economic impact on our results for the second half of the year.”

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