Verizon's second-quarter earnings report, in brief

AP News
|
Posted: Jul 22, 2011 11:48 AM
Verizon's second-quarter earnings report, in brief

IPHONE EFFECT: Verizon Wireless added 1.26 million subscribers under contract in the second quarter, more than it has in two and a half years. It was helped by the iPhone, which it started selling in February.

INVESTOR DISAPPOINTMENT: Verizon Communications stock fell nearly 3 percent. Analysts were disappointed that wireless revenue wasn't growing faster.

NEW CEO: Chief Operating Officer Lowell McAdam, who has been groomed to take over as CEO from Ivan Seidenberg, will do so on Aug. 1, the company announced.