A Net Loss of US$198 Million Reported in Second Quarter of 2010

A net loss of US$198 million was reported by Verizon Communications in the second quarter of 2010, which is down from net income of $1.5 billion in the second quarter of 2009.

Revenue of $26.8 billion was reported, which was to some extent less from $26.9 billion in the second quarter of the year 2009. A one-time charge of $2.3 billion for an employee reduction program was part of the telecom carrier's quarterly results.

In the mobile and Fios broadband divisions, Verizon officials managed to make profits.

Chairman and CEO, Ivan Seidenberg said, "We see the opportunity to create additional shareholder value with a revenue portfolio that is now more heavily focused on wireless, Fios and global IP".

He added that the cost-reduction efforts are gaining speed and stability is being witnessed in the global business market.

An operating income of $4.8 billion for the quarter was reported by Verizon's wireless business.

About 196,000 Fios broadband customers were added by the Company and 174,000 Fios television customers during the quarter. In total, Verizo has 3.8 million Fios broadband customers and 3.2 million Fios TV customers.

John Killian, Verizon's CFO, shared that the company continued to do a good job in their key focus areas.