NEW YORK ( TheStreet) -- Verizon ( VZ) posted a second-quarter loss of $198 million, or 7 cents a share, a swing from year-earlier net income of $1.483 billion, or 52 cents a share, as the company dealt with costs related to work force reductions.

The second-quarter loss includes 65 cents in one-time severance charges. Excluding these charges, earnings per share was 58 cents; beating Wall Street expectations.

Total operating revenue was $26.8 billion, a decrease of 0.3% from the same period last year. During the quarter, Verizon's wireless segment added 1.4 million total net customer additions.

The company said that the wireline spinoff to Frontier ( FTR) on July 1 should improve the company's future growth profile. Verizon says that its revenue portfolio is now more heavily focused on wireless, FiOS and global IP.

Analysts on average were expecting earnings of 56 cents a share on revenue of $27.11 billion.

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Verizon shares were up 1.4% to $27.38 in premarket trading Friday.
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Cramer: Verizon Should Outperform

-- Reported by Andrea Tse in New York

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