It's hard to find an area of the economy unscathed by the turmoil kicked off in the housing and financial markets. Until this quarter, it appeared that major U.S. telecom providers such as Verizon Communications
In the first quarter, I noted that Verizon was holding up just fine and that it had -- in the words of the company -- "weathered the current economic uncertainty." This quarter is a little different, though.
While Verizon posted solid numbers, the carrier saw a large number of phone lines lost -- 920,000 in all -- with many of these customers going to competing cable companies such as Comcast
Overall, Verizon's revenue came in at $24.1 billion and earnings were even a little better than expected, at $1.88 billion. The revenue figure was 3.6% higher than last year, while the net income level totaled a 12% increase. Financials continue to be fueled by strong performance in the wireless group, where investors already knew that the joint venture with Vodafone
Verizon noted that 70% of its growth in wireless is coming from data rather than voice. Just as AT&T
And while Strigl noted that the company had seen a minimal short-term impact from the launch of the latest Apple
So while Verizon does indeed have many problems to contend with in this economy, the company so far has been able to make up for it with success in other areas.
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Fool contributor Dave Mock is more of a function kind of guy than fashion kind of guy. He owns no shares of companies mentioned here and is the author of The Qualcomm Equation. Apple is a Stock Advisor recommendation. The Fool's disclosure policy doesn't need to be licked to stick.