Verizon Communications reported quarterly earnings Tuesday that beat analysts' expectations, but narrowly missed on revenue.
The company posted second-quarter earnings per share of 94 cents, beating analysts' expectations. Revenue for the quarter came in at $30.53 billion, missing the Street's estimate.
Analysts had expected earnings of about 92 cents a share on $30.94 billion in revenue, according to a consensus estimate of Thomson Reuters.
Shares of the company fell slightly in premarket trading.
The earnings and revenue numbers were down from the year-earlier period, which saw earnings of $1.04 a share on revenue of $32.22 billion.
The telecommunications giant saw growth in its wireless division, reporting 615,000 retail postpaid net additions in the quarter, according to a company release. At the end of the second quarter, Verizon reported 113.2 million retail connections, a 3.3 percent year-over-year increase.
In addition, the company grew total revenues for its Fios fiber-optic based services by 3.7 percent from the year-earlier period.
The quarter included a seven-week strike of nearly 40,000 employees that Chief Financial Officer Fran Shammo would hurt second-quarter earnings and potentially cost up to 7 cents per share.
In its earnings release, that prediction rang true, with Verizon reporting that quarterly earnings were negatively impacted by about 7 cents due to the work stoppage. The company also noted it anticipates cash savings of $500 million over the term of its recently negotiated labor contracts.
"Verizon's second quarter shows that the company continues to deliver strong results while evolving operations," Chairman and CEO Lowell McAdam said in a statement. "By acquiring Yahoo, we will dramatically accelerate the timetable for scaling up to be a major competitor in mobile media. Yahoo is a complementary business to AOL, giving us market-leading content brands and a valuable portfolio of online properties and mobile applications."