NEW YORK — Telephone service provider Verizon Communications today said it lost $1 billion, or 38 cents per share, during the second quarter, primarily because of charges related to its investment in other telecommunications companies.
Excluding a $2.9 billion charge to cover investment losses and $162 million in merger-related costs, the company earned $2.1 billion, or 77 cents per share, in the most recently completed quarter.
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Excluding one-time gains of more than $3 billion, the company earned $1.97 billion, or 72 cents per share, a year ago.
Verizon’s second quarter revenues increased by less than 1 percent to $16.9 billion. According to reports, the company has been concentrating on wireless, data and Internet services as new sources of growth, although most of its profits derive from basic telephone service.
