UPDATE 4-Verizon profit falls, eyes 8,000 job cuts

* Q2 revenue $26.86 bln vs Reuters Estimates $26.85 bln

* Q2 EPS ex-items $0.63, in line with expectations

* To cut 8,000 jobs in second half of '09

* To focus on wireline cost cuts next 12-18 months

* Verizon shares fall 2.6 pct (Adds executive comments, share price move)

By Sinead Carew

NEW YORK, July 27 (Reuters) - Verizon Communications Inc (VZ.N) posted a lower quarterly profit and said it would cut 8,000 jobs in its wireline business, as weakness in wholesale and corporate segments overshadowed wireless growth.

Verizon, whose shares fell 2.6 percent on Monday morning, said it would accelerate cost cuts in its landline business, with new layoffs amounting to 3.4 percent of its workforce of 235,000 employees. They come on top of 8,000 job cuts in the last year.

"Clearly the broader economic issues are affecting the business," Chief Financial Officer John Killian told analysts on a conference call. In particular he cited delays to big telecom projects at corporate clients as well as job cuts, which reduce business telephone use.