Verizon reports 5.3% fall in revenue

Verizon Communications Inc, the No. 1 US wireless carrier by subscribers, reported a 5.3% fall in quarterly revenue as more customers opted for cheaper plans.

The company, which suffered a six-week long strike by 40,000 wireline workers during the second quarter, said net income attributable to Verizon fell to $702 million, or 17 cents per share, from $4.23 billion, or $1.04 per share, a year earlier.

Total operating revenue fell to $30.53 billion from $32.22 billion.

Verizon said on Monday it would buy Yahoo Inc's core internet properties for $4.83 billion in cash to expand its digital advertising and media business.