Shares of wireless giant (NYSE: VZ) rose as much as 2.9% in early trading on Tuesday after reporting earnings. Shares gave back some of those gains and were up 1% at 12:30 p.m. ET. 

Revenue fell 3.5% from a year ago to $32.6 billion, but the high-margin services revenue was up from $27.1 billion to $27.3 billion. Verizon actually loses money on equipment revenue, which fell $1.2 billion to $5.3 billion, so the decline in revenue wasn't as bad as it seems. 

Total wireless services revenue was up 3.8% to $19.1 billion as 384,000 customers added fixed wireless broadband. Free cash flow also improved from $2.3 billion in the first quarter to $5.7 billion in the second quarter. 

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Source Fool.com