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Verizon has said that it was in a second quarter loss as the company shrunk its traditional phone business and bought out some 11,000 employees. Verizon gained 1.4 million wireless subscribers but trailed behind AT&T’s 1.6 million in April-June quarter. Verizon attracted 665,000 subscribers under contract which fewer than in past few year but more than AT&T’s 496,000 in the quarter. Verizon said it lost 198 million dollars in April-June quarter due to buyout of 11,000 workers each of whom received a $50,000 one time bonus.