Verizon: 2nd quarter earnings snapshot

NEW YORK — Verizon Communications today reported second-quarter net income of $4.7 billion.

On a per-share basis, the company said it had profit of $1.13. Earnings, adjusted for non-recurring costs, were $1.18 per share.

The results exceeded Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.

The largest U.S. cellphone carrier posted revenue of $30.45 billion in the period, also topping Street forecasts. Seventeen analysts surveyed by Zacks expected $29.91 billion.

Verizon shares have fallen 9% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has risen roughly 1% in the past 12 months.

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