Hot on the heels of breaking concerns about potential liabilities related to its use of lead-sheathed cables, Verizon Communications (NYSE: VZ) on Tuesday published mixed second-quarter results. While the company's non-GAAP (adjusted) earnings came in at $1.21 per share and beat the average analyst estimate of $1.16, sales of $32.6 billion missed Wall Street's target of $33.24 billion.

Despite the significant earnings beat, Verizon stock is roughly flat following its Q2 release and its dividend yield sits at 7.6%. Should income-seeking investors pounce on this ultra-high-yield dividend stock following the recent earnings release, or is there too much risk involved to make it an attractive buy? 

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