Verizon Communications Inc. (NYSE: VZ) reported overall revenues up 2.8 percent year-on-year to US$27.5 billion thanks to continued strong performance in wireless and FiOS.

Separately, the operator said that Lowell McAdam is stepping up to replace Ivan Seidenberg as CEO.

On Friday morning, Verizon reported a second-quarter profit of $1.6 billion, or $0.57 per share, compared with a loss of $1.2 billion, or $0.42 per share, in the second quarter of 2010.

Analysts surveyed by Thomson Reuters had expected earnings per share of $0.55 for the quarter.

Shares of Verizon are up $0.03 to $37.60 in early trading Friday morning.

— Dan Jones, Site Editor, Light Reading Mobile