Core Viewpoint - Verizon raised its annual profit guidance due to strong demand for its additional services, resulting in better-than-expected earnings for the second quarter [1] Group 1: Financial Performance - Verizon reported second-quarter revenue of $34.5 billion, exceeding market expectations of $33.74 billion [1] - Adjusted earnings per share were $1.22, also above market forecasts [1] - The company increased its annual free cash flow forecast to between $19.5 billion and $20.5 billion, up from a previous estimate of $17.5 billion to $18.5 billion [2] Group 2: Service Demand and User Growth - Wireless service revenue grew by 2.2%, driven by increased adoption of additional services like streaming access [1] - The company added 293,000 broadband users in the second quarter due to increased investment in internet services [2] Group 3: Competitive Landscape - Verizon faced intensified competition from AT&T and T-Mobile US, prompting the launch of price-lock promotions and bundled wireless broadband services to retain customers [1] - Despite these efforts, Verizon experienced an unexpected decline of 9,000 monthly paying wireless users from April to June, attributed to customer loss following a rate increase in January [1] Group 4: Strategic Moves - To foster growth in the mature U.S. telecom market, Verizon and its wireless competitors are expanding fiber assets to meet rising data usage demands [1] - In May, Verizon agreed to terminate its diversification plan and received regulatory approval for a $20 billion acquisition of fiber internet provider Frontier [1]