Portugal Telecom Reports 40% Decline In Q2 Net Income

Portugal Telecom SGPS (NYSE: PT) reported a 40% drop in its second-quarter consolidated net income.

Portugal Telecom's consolidated net income for the quarter declined to €98.1 million ($142 million), from €164.2 million, in the year-earlier period. Its revenue surged to €1.8 billion from €933.5 million. However, analysts were expecting a profit of €106 million.

Portugal Telecom shares dropped 0.35% to close at $8.43 yesterday.