Verizon posts 2Q loss on costs of employee buyout

Discussion in 'Community Discussion' started by BobbyCarbn, Jul 23, 2010.

  1. BobbyCarbn macrumors regular


    Jun 21, 2009
    I bet someone is sorry they decided going with the iPhone deal first proposed to VZW several years back was a bad idea :)

    Verizon says it lost $198 million in the second quarter due to a buyout for 11,000 workers and reports revenue that is slightly lower than analysts had expected.

    The nation's second biggest phone company said Friday that it lost the equivalent of 7 cents per share, in the April to June period. That compares with net income of $1.48 billion, or 52 cents per share, in the same period last year.

    Excluding various charges, mainly for buyouts, earnings would have been about 58 cents per share in the latest quarter. That is 2 cents more than analysts expected.

    Verizon Communications Inc. says its revenue slipped to $26.8 billion. That was below the $27.1 billion analysts had expected.

    Verizon shares are up 38 cents to $27.38 in pre-market trading.
  2. aethelbert macrumors 601

    Jun 1, 2007
    Chicago, IL, USA
    As if nothing else has had an effect on their business in the last four years?
  3. Rodimus Prime macrumors G4

    Rodimus Prime

    Oct 9, 2006

    I bet they are not. Apple required them the carriers to bend over backwards for them. Required them to do special things ONLY for the iPhone. Now the iPhone gets extra large subsidies compared to other phones on those carriers.

    Even with out the iPhone Verizon has been adding customers every quarter. For the most part they have been turning a profit.
    If you read it it was a one time deal that really made them loss money. Take that out they turned a nice little profit.

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