Verizon Communications (NYSE: VZ) reported earnings on July 18. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), Verizon Communications met expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue increased. Non-GAAP earnings per share increased. GAAP earnings per share increased significantly.

Margins grew across the board.

Revenue details
Verizon Communications booked revenue of $29.79 billion. The 26 analysts polled by S&P Capital IQ expected revenue of $29.83 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.73. The 29 earnings estimates compiled by S&P Capital IQ averaged $0.72 per share. Non-GAAP EPS of $0.73 for Q2 were 14% higher than the prior-year quarter's $0.64 per share. GAAP EPS of $0.78 for Q2 were 22% higher than the prior-year quarter's $0.64 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 63.0%, 120 basis points better than the prior-year quarter. Operating margin was 22.0%, 220 basis points better than the prior-year quarter. Net margin was 7.5%, 110 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $30.19 billion. On the bottom line, the average EPS estimate is $0.75.

Next year's average estimate for revenue is $120.57 billion. The average EPS estimate is $2.79.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 4,624 members out of 4,930 rating the stock outperform, and 306 members rating it underperform. Among 1,071 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,028 give Verizon Communications a green thumbs-up, and 43 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Verizon Communications is outperform, with an average price target of $53.55.

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