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Verizon wireless will launch a new video service in the summer that will deliver video for ads.Reuters

Following its acquisition of AOL in June, US telecom giant Verizon reports a 2.4% hike in revenue over the last year to close the quarter with $32.2bn (£20.7, €29.5) in earnings.

The $4bn purchase of mass media company AOL "supports our longer-term video strategy," said Fran Shammo, Verizon's Chief Financial Officer. Verizon reports that if the purchase wasn't finalized in June, it would have posted a 2.8% boost in revenue over the same quarter last year.

"In addition, we returned more than $9bn to our shareholders in the form of dividends and share repurchases," said Shammo.

"We are committed to building the business for future growth. In the first half of this year, we invested approximately $18bn in spectrum licenses and capital for future network capacity."

In the third-quarter of 2015 Verizon predicts it will see even higher year-on-year growth. In late August it will launch its over-the-top (OTT) mobile video service that will see mobile video use subsidized by advertisers.

"Ad-sponsored data is part of the product offering," said Marni Walden, EVP and president of products and new business innovation at Verizon in June. Mobile customers will get video that isn't counted toward their monthly data usage in exchange for watching ads.

"More people are consuming video than they were ever before," said Shammo, citing the AOL purchase and resulting trove of content, partnered with the OTT mobile strategy, as innovations that will push continuing growth at the company.

Shammo said the "Internet of things is still in early stages for the entire industry" and pointed out that the company is investing in new platforms and that AOL will help with its recognized brands — including Huffington Post and TechCrunch — that deliver advertising partnerships and 190 million unique visitors monthly.

The company's core wireless business continued to attract and retain customers and brought in 5.3% more revenue on Q2 2014 with $22.6bn.

Areas of the Internet of things that provide potential for growth include transport, health, energy and present "opportunities for us," Shammo said.

Verizon's balance sheet at the end of the quarter includes the assets and liabilities of AOL, but didn't reflect any results from AOL's operations since they only included the last seven days of the month following completion of the purchase.

AOL's financial results will be fully included in Verizon's third-quarter 2015 results.

"Right now we're content with what we have," said Shammo, indicating that the company will focus on creating efficiencies and rebuilding what it has rather than setting up any more near-term acquisitions.