Strong Quarter For Verizon; New CEO Starts August 1
Verizon this week posted a profit of $1.61 billion in the second quarter, compared with a $1.19 billion loss the same time last year. The quarter outperformed analyst expectations, the New York Times reported.
During the quarter, Verizon Wireless added 1.3 million new subscribers, boosted by the arrival of the iPhone and other popular devices.
Verizon also said that Lowell McAdam, the company's CEO-in-waiting, will replace Ivan Seidenberg as CEO August 1.