Verizon Posts $198 Million in Q2 Loss

Telecommunications firm Verizon Communications Inc. announced second-quarter losses of $198 million.
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Verizon Posts $198 Million in Q2 Loss
The Verizon logo is seen at a Verizon Wireless store March 29, 2005 in San Francisco. (Justin Sullivan/Getty Images)
7/25/2010
Updated:
10/1/2015

<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/verizon-52490741.jpg" alt="The Verizon logo is seen at a Verizon Wireless store in San Francisco. (Justin Sullivan/Getty Images)" title="The Verizon logo is seen at a Verizon Wireless store in San Francisco. (Justin Sullivan/Getty Images)" width="320" class="size-medium wp-image-1817041"/></a>
The Verizon logo is seen at a Verizon Wireless store in San Francisco. (Justin Sullivan/Getty Images)
Telecommunications firm Verizon Communications Inc. announced second-quarter losses of $198 million, mainly on a one-time severance charge paid out to employees. The company’s voluntary employee buyout program cost the company a one-time charge of $2.3 billion, the New Jersey-based firm said last Friday.

The company’s wireless division—Verizon Wireless—reported sales gains due to the popular Droid line of smartphones. Verizon Wireless is a joint venture between Verizon and U.K.’s Vodafone Plc. Total revenues due to mobile was $15 billion, an increase of $0.5 million from the same quarter last year.