Verizon Communications Inc., The New York telecom-services firm, swung to a second-quarter profit from a year-earlier loss on 2.8% higher revenue, and it named a new chief executive.
Earnings were $1.61 billion, or 57 cents a share, compared with a loss of $1.19 billion, or 42 cents, in the year-earlier quarter.
The year-ago period reflects the impact of a voluntary severance program that pared 11,900 staffers. Revenue reached $27.54 billion from $26.77 billion.
A survey of analysts by FactSet Research produced a consensus estimate of 55 cents of profit on $27.47 billion of revenue.
Profit margins widened from the first quarter in both the wireline and wireless businesses, the company said in a Friday statement.
Verizon named Lowell C. McAdam, currently chief operating officer, as its new CEO. McAdam, 57, retains the title of president. As CEO, effective Aug. 1, he'll succeed Ivan G. Seidenberg, who remains chairman.
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