(Updated to reflect current stock price)

NEW YORK ( TheStreet) -- Verizon ( VZ) is planning more job cuts as the phone company tries to balance erosion of its core landline business and growth in wireless, TV and Internet services.

The company says it has eliminated 8,000 jobs in the past year and has targeted another 8,000 staff and contract employees in the second half of this year. "Candidly, we are looking at all other areas of expense," CFO John Killian told analysts on an earnings call Monday.

The New York phone shop posted adjusted earnings of 63 cents a share, down from 67 cents in the year-ago period and in line with analysts expectations, according to Yahoo! Finance.

Sales for the second quarter were $26.8 billion, up more than 10% from the $24.1 billion level last year and meeting analysts' targets.

The company has been struggling to cut costs on its old line phone business while investing heavily in wireless and fiber optic network construction.

In wireless, Verizon added 1.1 million net new subscribers, with churn, or the monthly rate of cancellations, at 1.37%, slightly better than the 1.49% AT&T ( T) that reported last week. And increased text messaging and mobile Internet use helped Verizon boost its average wireless data revenue per customer to $14.96 a month from $14.16 in the first quarter.

Verizon continued to gain momentum in its fiber optic expansion into TV service and Internet sales. Verizon added 300,000 net new TV customers for a total of 2.5 million, and the company now has 3.1 million FiOS Internet customers after adding 303,000 net new users in the second quarter.

The company saw a big drop in business services sales with revenue falling to $3.7 billion or 7% from year-ago levels. And the company's wireline business continues to decline at an alarming rate, falling 9.9% to 34.3 million total lines from 38 million a year ago.

Verizon's total debt grew to $64.9 billion from $61 billion at the beginning of the year.

Verizon shares were down 70 cents, or 2.2%, $30.80 in Monday trading.

-- Reported by Scott Moritz in New York

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