Verizon’s profit surprise
July 28, 2008 by Tisa Silver
Filed under Finance
Verizon posted better than expected earnings for the recently completed second quarter, proving that it can hold its own in tough economic times.
Revenue increased by just under 4 percent versus last year as the company saw growth in its wireless and FiOS high-speed Internet businesses. Its profit margin in the wireless business exceeded analyst expectations, coming in at an impressive 45.6 percent.
On this morning’s conference call, Chief Executive Ivan Seidenburg said, “Verizon continued to grow in all key strategic areas in the second quarter, despite the economic headwinds.”
The company is considering a dividend increase but, this morning their stock is trading down about 2 percent.
