Telecommunications and media giant Verizon Communications (NYSE:VZ) released second-quarter earnings results this morning. Verizon reported better-than-expected subscriber additions while continuing to expand its 5G coverage. The company had raised its full-year profit outlook in April and reaffirmed that guidance. Declines in the media business also slowed.

Here's what investors need to know.

What happened with Verizon Communications this quarter?

After losing wireless subscribers in Q1, Verizon enjoyed strong subscriber growth in the second quarter. The company reported 451,000 retail postpaid net additions, ahead of the roughly 347,000 that analysts were modeling for. That total included 420,000 postpaid smartphone net additions and 245,000 phone net additions. Prepaid net losses were 213,000, which was worse than the 103,200 that the Street expected Verizon to lose.

Verizon Media revenue fell 2.9% to $1.8 billion, which was an improvement from the 7.2% drop in the first quarter. Mobile and native advertising gains were offset by declines in desktop advertising.

Earnings per share were adversely impacted by $0.28 per share due to early debt redemption costs.

Operating cash flow declined to $15.8 billion, in part due to higher cash taxes related to the company's Voluntary Separation Program. Verizon has now completed that program and realized approximately $480 million of expenses year to date.

Fios revenue increased by 1.2% to $2.8 billion, with the company adding 28,000 Fios internet connections while losing 52,000 Fios video subscribers.

Capital expenditures in the first half of 2019 have totaled $8 billion.