(CTN News) – In the fourth quarter, Verizon Communications Inc. added more retail mobile customers than it had in any other period since 2021, signaling a potential turning point for the phone giant that has been struggling to regain market share from its competitors.
According to Verizon’s statement Tuesday, the company’s consumer group added 318,000 mobile subscribers in the three months ended Dec. 31. Wall Street had estimated 95,900 subscribers. New York-based company T-Mobile US Inc. reports its first net gain after three down quarters as it strives to replace customers lost to rival AT&T Inc. and T-Mobile US Inc.
After years of costly acquisitions and strategic missteps, Verizon had fallen behind its wireless peers in subscriber growth.
As of March last year, Verizon placed nine-year veteran Sowmyanarayan Sampath in charge of the consumer division, which accounted for 76% of Verizon’s revenue in the fourth quarter.
Sampath has raised its prices and introduced flexible pricing plans in an effort to restore growth. Approximately 1 million new customers are expected to be acquired each year by him.
During the company’s earnings conference call, Chief Executive Officer Hans Vestberg stated, “We made significant changes to how we operate and to our team, which have proven to be successful.”.
Check out Verizon’s Inside Fixer’s plan to pull the mobile giant out of a slump
According to Chief Financial Officer Tony Skiadas, new consumer pricing tiers and bundles, which include benefits such as Netflix and Max, are the reason for the company’s growth and new customers. In an interview with Skiadas, he stated that 13 million people have subscribed to the new pricing plan, known as myPlan.