Verizon posts losses, Vodafone will still keep its stake

Verizon Chief Executive Ivan Seidenberg said this week that the Vodafone Group reiterated its desire to keep its stake in Verizon Wireless. The companies jointly own the wireless operator, with Verizon owning 55%. Speculation has mounted over the past few months that Verizon would buy out Vodafone’s stake.

“Vodafone was extremely pleased with the position in the partnership,” Seidenberg said on a conference call Tuesday. “At this point there’s not much reason for anyone to speculate on the change in the arrangement between the two companies. The issue is resolved over the next few years.”

Verizon released their quarterly results earlier this week, reporting a second-quarter net income of $1.6 billion, or 55 cents a share, down from a year-ago profit of $2.1 billion, or 75 cents a share, as a result of merger-integration costs with MCI Inc. and severance expenses. Revenue rose to $22.68 billion from $18.05 billion a year ago.

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