(CTN News) – Verizon Wireless announced its earnings for the second quarter of 2023 today. This resulted in them reporting total revenue of $32.59 billion for the 2nd quarter of 2022, which is a decrease of approximately 3.5% over the 2nd quarter of 2021.
A total of 69,000 Fios TV customers have been lost to Verizon over the past year, an 8.6% decrease from the year before.
In the case of Verizon’s Fios TV service, it’s important to keep in mind that new customers will no longer be able to purchase it. YouTube TV is now available to its customers who have home internet connections.
It is estimated that has added more than 400,000 broadband customers, including 384,000 5G wireless internet customers at home.
Verizon hopes that by offering 5G home internet service to its consumers, it will be able to grow its home internet service. It is the third quarter in a row that Verizon has seen over 400,000 new broadband customers sign up for service.
According to Hans Vestberg, Chairman and CEO of Vestberg Communication, “we have shown progress in our key priorities of growing wireless service revenue, delivering a healthy consolidated adjusted EBITDA, and increasing free cash flow in the second quarter.”
It is our intention to continue our rapid deployment of C-Band in the second half of the year in order to extend our network leadership as we remain focused on providing value to our customers.
Our efforts to improve our operational performance are working, and we are confident that we will be able to achieve our financial targets for the full year as a result of the steps we have taken.
As a result of the increase in wireless service revenue, Verizon reported a 3.5% year-over-year increase. According to Verizon, their postpaid service lost 136,000 subscribers, while their prepaid service lost 304,000.
The announcement comes at a time when Verizon is still facing competition in the wireless industry.
In recent news, Verizon announced that it would be raising the price of its 5G Home Internet service by $10 per month for new customers. The purpose of this move appears to be to increase revenue.
The following are Verizon’s projections for the remainder of 2023:
The total revenue from wireless services is expected to grow by 2.5 percent to 4.5 percent.
The company reported adjusted EBITDA1 of $47.0 billion to $48.5 billion.
The EPS1 has been adjusted from $4.55 to $4.85.
The adjusted effective income tax rate1 is in the range of 22.5 percent to 24.0 percent.
Spending in the range of $18.25 billion to $19.25 billion on capital projects.
As with all traditional TV providers, Verizon will continue to lose television subscribers in 2023. There is now a question as to how fast these numbers will continue to decline.