While we anticipate public sector pressures to persist in the second half of the year,"TAKEAWAYSConsolidated Revenue: $34.5 billion in consolidated revenue, up 5.2% year over year, driven by wireless service and more than 25% growth in wireless equipment revenue.

Communications services companies rose after strong earnings from one major carrier. Verizon Communications shares rallied after the telecom giant raised its earnings forecast for the year, but lost lucrative postpaid phone customers for the second consecutive quarter.