IRVING, Texas-GTE Corp. reported revenues for the second quarter ended June 30 of $6.29 billion, a slight increase over the $6.28 billion reported for second-quarter 1998.
GTE’s net earnings also increased from $673 million, or 69 cents per share, for second-quarter 1998, to $776 million, or 79 cents per share, for the same time this year.
The company said its wireless customer base grew to more than 5 million subscribers during the quarter. GTE also gained U.S. Department of Justice and shareholder approval for its proposed merger with Bell Atlantic Corp.
GTE Chairman and Chief Executive Officer Charles R. Lee said the company’s results reflect strong growth in data, long-distance and bundled services on the domestic side, while investments in Latin America and the Caribbean are continuing to fuel GTE’s international expansion.
“Additionally, during the quarter, further steps were taken to strengthen our position in the industry by announcing an agreement to purchase Ameritech’s wireless properties in the Midwest, and acquiring a new PCS license in Buenos Aires, Argentina,” said Lee.
