Verizon has reported their Q2 results, you can get some of the details in their Press Release. The biggest news: they've added 1.5 million subscribers (compare that to Sprint's loss of over a million a couple of months ago) in the past three months, bringing their total up to 68.7 million and further solidifying their spot as the top dog in the industry. Toss in that potential Alltel deal and we're looking at a juggernaut.

Verizon also noted that though they saw some losses to AT&T from the iPhone, it wasn't much and they're not too worried. The effect since July 11th has been 'minimal' and they also claimed, as we did way back when the first iPhone shipped, that the iPhone could potentially help them by the “rising tide raises all ships” effect of people becoming more interested in smartphones in general.

Oh yes, they're making plenty of money, too:

Verizon's total operating revenues grew to $24.1 billion in the second quarter 2008. This is a 3.7 percent increase compared with the second quarter 2007, or an increase of 4.9 percent when adjusted for the spinoff of the Wireline segment's non-strategic local exchange and related business assets in Maine, New Hampshire and Vermont (non-GAAP). Total operating expenses increased 2.4 percent to $19.6 billion, comparing second quarter 2008 with second quarter 2007.