In its recently-posted second-quarter report, Verizon Communications has revealed that it has suffered a net loss of $198 million during the quarter, as against the $1.5 billion net income during the same quarter last year, largely because of one-time charges that include a voluntary employee buy-out program.

The second-quarter revenue of the company stood at $26.8 billion, which is marginally lower that the $26.9 billion revenue in the 2009 second quarter.

According to a Verizon statement, the one-time charge that the company took on was its $2.3 billion expenditure for an employee reduction program, which the company believes will bring about as many as 11,000 voluntary reductions this year.

In a further elaboration, Verizon said that the buy-out program, along with other one-time costs - including charges pertaining to the company’s spinning-off of its rural lines in 14 states to Frontier Communications – added up to $0.65 per share; thereby leading to a $0.07 loss per share for the quarter.

However, excluding one-time costs, Verizon’s $0.58 earning per share surpassed the Thomson Reuters-polled analysts’ estimates of $0.56 earning per share.

Talking about the future expectations, Verizon’s Chairman and CEO Ivan Seidenberg said: “We see the opportunity to create additional shareholder value with a revenue portfolio that is now more heavily focused on wireless, Fios and global IP. Our cost-reduction efforts are gaining momentum, and trends in the global business market are showing signs of stabilization.”