Today's Outrage is published weekdays at 9:30 a.m. EDT and is available as an RSS feed.NEW YORK ( TheStreet) -- No matter how you slice the lemons, Verizon's ( VZ) second-quarter results are pretty sour. The telecom company tried to make lemonade by focusing on revenue growth and improved cash flow in its earnings release this morning and downplaying a 21% decline in directly attributable profit. It's hard to get excited about growing revenue when profit is shrinking. For those who insist on looking on the bright side, stripping out merger costs and one-time items related to severance packages and pension settlements, Verizon's profit only fell 5.6%. That's still a decline, though a little better than analysts had expected. Look a little deeper at the revenue growth, though, and there are more disappointments. It turns out that a big chunk of the 11.3% gain stems from the acquisition of Alltel. Strip that out and the increase fades to 1.9%. On the wireless front, Verizon touts "solid net customer additions" of 1.1 million retail customers. That would be more impressive if arch-rival AT&T ( T) hadn't reported a net gain of 1.4 million new customers last week. The all-important ARPU (average revenue per user on a monthly basis) dropped 0.8% for Verizon's services and gained 18.9% for data. Don't be too impressed with the growth in data since the company generates more than three times as much revenue from services.