UPDATE: Verizon Posts Higher Q2 Profit

Verizon Communications

reported a rise in its second-quarter profit. Verizon's quarterly profit surged to $2.25 billion, or $0.78 per share, versus $1.83 billion, or $0.64 per share, in the year-ago period. Its adjusted per-share earnings came in at $0.73. Its operating revenue climbed 4.3% to $29.79 billion from $28.55 billion. However, analysts were projecting earnings of $0.72 per share on revenue of $29.81 billion. Verizon lifted its full-year forecast guidance for capital spending to $16.4 billion to $16.6 billion, versus its earlier forecast of $16.2 billion. Verizon shares closed at $50.74 yesterday.