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| Verizon Posts $2B 2Q Loss by Jeremy at 4:23 pm EDT, Aug 1, 2002 | |||
Infected by the same malaise that has sickened the entire telecom sector, Verizon posted a $2.12B net loss on Wednesday, after being hit with an earnings charge, weak demand and tough competition. All this, despite cutting more than a billion dollars in CAPEX this year. The company also cut its earnings and revenue outlook for the year. More than half of Verizon's $4.2B in one-time charges were related to the company's interest in Genuity, which defaulted on a $2B line of credit and a $1.15B loan. | |||
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