IDG News Service — Verizon Communications on Friday reported revenue of US$27.5 billion for the second quarter of 2011, up 2.8 percent from the second quarter of 2010, largely driven by mobile subscriber additions.
Net income was $3.6 billion, up from $553 million, although the second quarter of 2010 included a one-time charge of $2.3 billion for a voluntary employee reduction program. Earnings per share was $0.57 for the past quarter, compared to $0.51 in the second quarter of 2010, not including the one-time charges. Analysts polled by Thomson Reuters expected earnings of $0.55.
The company added 2.2 million mobile customers during the quarter, and mobile data revenue grew 22.2 percent from a year ago.
Verizon also announced a change in its top management, with President and COO Lowell McAdam promoted to president and CEO. a