Verizon recently revealed it has finally emerged from the economic recession after posting its strongest earnings since 2008 in the second quarter this year.

According to the company's earnings report, its total operating revenue increased 2.8 percent year-over-year during the second quarter to reach $27.5 billion. Much of the growth was driven by Verizon's wireless business, which saw service revenues increase 6.6 percent year-over-year.

Smartphones played a significant role in the company's growth, accounting for 36 percent of Verizon Wireless customers during the quarter. This was no doubt bolstered by the growing popularity of the iPhone and Verizon's increased focus on its 4G LTE service. According to the earnings report, Verizon sold 1.2 million 4G-enabled smartphones during the second quarter.

“In terms of earnings growth and the acceleration of revenue growth, this has been one of Verizon’s best quarters since the 2008 economic downturn," said Verizon CEO Ivan Seidenberg.

Verizon followed its earnings report by announcing that Seidenberg was stepping down as CEO and will be replaced by current president and COO Lowell McAdam. During his time as CEO, Seidenberg was instrumental in bringing the iPhone to Verizon.