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Verizon Communications beats 2Q profit expectations, misses revenue forecasts

NEW YORK, N.Y. – NEW YORK (AP) _ Verizon Communications Inc. (VZ) on Tuesday reported second-quarter earnings of $4.23 billion.

On a per-share basis, the New York-based company said it had net income of $1.04.

The results exceeded Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The largest U.S. cellphone carrier posted revenue of $32.22 billion in the period, missing Street forecasts. Fourteen analysts surveyed by Zacks expected $32.52 billion.

Verizon shares have risen nearly 3 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 3 per cent. The stock has fallen nearly 3 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VZ at http://www.zacks.com/ap/VZ

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Keywords: Verizon Communications, Earnings Report, Priority Earnings