Verizon beats analysts forecasts and telecom downturn

NEWS Although the company suffered from declining long distance revenue, it saw much stronger growth in high-speed digital and wireless services. Verizon, which was created through the merger of Bell Atlantic and GTE Corp, reported profits of $2.1bn, or 77cents a share. Last year the US number one local phone service carrier, showed earnings of $2.1bn, or 75 cents a share. Ivan Seidenberg, president and co-CEO of Verizon, said: "As our results indicate, our investments in new services are starting to deliver significant revenue growth." Revenue totaled $16.9bn, up from $15.3bn a year earlier.