This excerpt taken from the VZ 8-K filed Apr 28, 2008.
Strong Results in Face of Economy
Verizon has weathered the current economic uncertainty with strong first-quarter results, said Verizon Chairman and CEO Ivan Seidenberg. I am also confident of our position over the long term because we have further opportunities to drive revenue growth and further opportunities to eliminate costs.
Verizon News Release, page 3
With our strong cash flows, we continue to invest in growth, evolve our business and return value to shareholders, he said. In a larger sense, Verizon is leading an industry transformation. In wireless, we are changing the game with our open development initiative, our plans for next-generation technology deployment, and our strategic investment in spectrum for nationwide broadband services. In wireline, we have spun off nonstrategic access lines, and we continue to introduce innovative FiOS and enterprise services.