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Verizon's Q2 net income down 4%, revenues also down YOY

Verizon Communications Inc. on Aug. 1 reported second-quarter net income attributable to the company of $3.94 billion, or 95 cents per share, compared to $4.12 billion, or $1.00 per share, in the year-ago quarter.

The S&P Global Market Intelligence GAAP EPS consensus estimate for the quarter was $1.19. On an adjusted basis, second-quarter 2019 EPS, excluding a special item, was $1.23, compared with adjusted EPS of $1.20 in second quarter 2018. Verizon's second-quarter 2019 EPS included 28 cents in early debt redemption costs.

Total operating revenues in second quarter were $32.07 billion, down 0.4% from $32.20 billion in the second quarter of 2018.

Verizon's second-quarter results included the effects of a reduction in benefits from the adoption of a revenue recognition standard, primarily due to the deferral of commission expense, and the adoption of a lease accounting standard. The combined net impact was a 4-cent year-over-year headwind, which was included in its adjusted EPS.