It's an understatement to say Telecom giant Verizon Communications' (NYSE: VZ) second-quarter results sent a mixed message to the market. Earnings topped estimates, but revenue fell short. Cash flow is up through the first six months of the year, yet net income is down. The company is bleeding wireless subscribers, but adding other kinds of customers. Average revenue per user (ARPU) is up, but so are churn rates.

It's a lot for current and would-be shareholders to process.

Here are the top seven things you need to know about Verizon's Q2 earnings report (released Tuesday morning), and where these numbers fit into the company's bigger picture.

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Source Fool.com