Webwire: Verizon Q2 profit up on wireless growth; Microsoft post first quarterly loss

Verizon Communications reported a 13% increase in its second-quarter net income as the growth in its wireless business drove revenue and the telecom giant increased its overall subscriber base.

 

Microsoft Corp reported its first quarterly loss in 26 years as the software giant took a previously announced hit for writing down the value of its ailing online unit.

 

Google on Thursday reported a surge in quarterly profit to $2.79 billion thanks to rising online advertising revenue, beating Wall Street expectations.

 

The number of people accessing the internet via mobile devices has increased to a record high of 388 million at the end of June, representing 28.8% of the country's population. The increase comes amid a slowdown since 2010 in the growth rate of the total number of Chinese Web users, which was at 538 million in the first half.

 

KT plans to sell over 26,000 tons of copper cables via a public auction to waste and recycling companies by the end of August. With the proceeds from the sale, it will invest in further developing faster network infrastructure using fiber-optic cables to meet rising demand for faster data transmission amid the smart device boom.