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Verizon , the largest US telecommunications group has posted an 18% increase in earnings for the second quarter.

The increase was largely down to the sale of local phone operations in Hawaii.

The behemoth's earnings would have been flat, but for the one-time items.

Landline operations had higher than expected losses. Luckily these were offset by returns from Verizon Wireless.

Verizon has been pumping money into Wireless. Like other telecoms operators, Verizon is facing the threat of customers switching to VoIP or wireless lines.

Net income was $2.11bn ($1.8bn) or 75 cents per share (64 cents) a year ago.

Full year forecast is for $15.3bn, an increase of $650m.

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