Verizon does not get enough FiOS help, will cut 8,000 jobs

Verizon Communications Inc. (VZ) today reported a 7.2 percent decline in net income despite impressive gains in its FiOS TV and internet service. The company also said it plans to slash 8,000 jobs in its wireline business.

Net income fell to $3.16 billion, or 52 cents per share, down from $3.4 billion, or 66 cents, the New York-based company said in an earnings press release. Revenue soared 11.3 percent to $26.9 billion, helped by the acquisition of Alltel Corporation. On a pro forma basis, operating revenue growth was 1.9 percent. Earnings on an adjusted basis were 63 cents per share. Wall Street expected the No. 1 wireless company to earn 63 cents on revenue of $26.85 billion, according to Thomson Reuters. The results disappointed investors who sent shares down in pre-market trading.