Welcome to our dedicated page for Verizon Communications news (Ticker: VZ), a resource for investors and traders seeking the latest updates and insights on Verizon Communications stock.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) is a leading multinational telecommunications conglomerate, headquartered at 1095 Avenue of the Americas, Midtown Manhattan, New York City, and incorporated in Delaware. As a corporate component of the Dow Jones Industrial Average, Verizon stands out in the telecommunications industry by providing a wide range of services and solutions that include wireless communications, fixed-line telecom, and enterprise services.
Wireless Services: Verizon's wireless operations account for approximately 70% of its total service revenue, highlighting the significance of this segment. With about 93 million postpaid and 21 million prepaid phone customers, Verizon holds the title of the largest US wireless carrier. This expansive customer base is supported by the company's robust nationwide network, known for its reliability and wide coverage.
Fixed-Line Telecom: Verizon's fixed-line operations serve local networks in the Northeast, reaching around 29 million homes and businesses. The company caters to approximately 8 million broadband customers, providing high-speed internet services. Additionally, Verizon offers telecom services to enterprise customers across the nation, leveraging both its own and other carriers' networks.
Recent Achievements and Projects: Verizon is actively involved in several initiatives and partnerships that enhance its service offerings and community presence. Recently, Verizon announced the continuation of its partnership as the Official 5G partner of Houston Dynamo FC and the Houston Dash, which will last through the 2024 season. This partnership aims to bring fans closer to the teams they support with enhanced fan experiences.
In another exciting development, Verizon is connecting fans to music at the inaugural Festival La Onda by BottleRock® in Napa Valley, CA. Fans will benefit from perks such as VIP experiences, premium viewing decks, and exclusive merchandise.
Financial Performance: For the fiscal year 2023, Verizon generated revenues of $134.0 billion, reflecting its strong market presence and operational efficiency. The company's commitment to innovation and customer satisfaction continues to drive its financial success.
Social Initiatives: Verizon is dedicated to community engagement and social responsibility. The company is sponsoring events such as The Power Shift series with Johns Hopkins University and Medicine, aimed at discussing the intersection of AI and healthcare. Verizon's Citizen Verizon initiative focuses on preparing individuals for future jobs through tech skills training.
New Products: Verizon Business is introducing the Google Pixel 8a smartphone, equipped with advanced collaboration tools, robust security features, and AI technology. This addition enhances business mobility for Verizon's enterprise customers.
Verizon Communications Inc. remains at the forefront of the telecommunications industry, continually evolving to meet the demands of modern connectivity and innovation.
Verizon and Amazon's Project Kuiper Collaboration
On October 26, 2021, Verizon announced a strategic collaboration with Amazon's low Earth orbit satellite network, Project Kuiper. This initiative aims to enhance connectivity for unserved and underserved communities, utilizing Verizon's mobile network and Project Kuiper's satellite capabilities. The partnership focuses on expanding Verizon's 4G/LTE and 5G services and developing solutions for various industries, including agriculture and transportation. Amazon has committed an initial $10 billion to the project, aiming to improve global broadband access.
Verizon Public Sector has secured a $78 million task order with Naval District Washington to transition their legacy voice platform to a hosted Internet Protocol Voice Service (IPVS). This initiative, part of the federal government’s Enterprise Infrastructure Solutions contract, reinforces Verizon's position as a leader in public sector digital transformation. Key tasks include staffing crucial roles for cybersecurity and IT support at their Regional Operations Center, enhancing public safety operations and network reliability.
Verizon and Nissan have successfully completed a proof-of-concept focusing on sensor data processing for automotive safety, utilizing Verizon 5G Edge and Nissan's proprietary telematics. This technology aims to alert drivers to pedestrians or vehicles hidden by visual barriers. The Contra Costa Transportation Authority (CCTA) will validate this technology through its Automated Driving Systems Grant Program, with controlled deployments in Contra Costa County, CA. This advancement represents a significant step toward improved vehicle safety and the future of connected driving.
Verizon Communications reported strong performance in Q3 2021, with EPS rising to $1.55 from $1.05 in Q3 2020, marking a 47.6% increase. Operating revenue hit $32.9 billion, up 4.3% year-over-year, boosted by $1.4 billion from Verizon Media. The company saw significant customer growth, with retail postpaid net additions of 699,000 and a 3.9% increase in wireless service revenue to $17.1 billion. Verizon also updated its full-year guidance, forecasting adjusted EPS between $5.35 to $5.40 and wireless service revenue growth of around 4%.
On October 19, 2021, Verizon announced the launch of the Pixel 6 and Pixel 6 Pro, Google’s latest smartphone series, set to be available on October 28. Customers can benefit from promotional offers, including up to $700 off when switching to Verizon and trading in select devices. The new smartphones feature advanced camera systems, 5G capabilities, and a powerful Google Tensor processor. With various subscription plans, customers also receive perks like Google Play Pass and streaming services. The Pixel 6 starts at $23.33 per month, while the Pixel 6 Pro starts at $29.99.
Verizon Achieves Top Customer Satisfaction in 2021
Verizon has been recognized as the leader in customer satisfaction in the J.D. Power 2021 Business Wireless and Wireline Customer Satisfaction Studies. This marks the third consecutive year for the company in Small Business Wireline Service and the first year in the Small Business Wireless Segment. Verizon ranked best in class for multiple factors, including performance, reliability, and billing in both segments, based on surveys from 6,730 business customers. The company generated $128.3 billion in revenue in 2020, reinforcing its market position.
Verizon Communications Inc. (VZ) will announce its third-quarter 2021 earnings on October 20, 2021, at 8:30 a.m. Eastern Time. Details on accessing the webcast and presentation materials will be available on Verizon’s Investor Relations website starting at 7:30 a.m. The company, headquartered in New York City, generated revenues of $128.3 billion in 2020 and is a leading provider of communication and technology services.
Verizon’s private mobile edge compute solution with AWS Outposts is now generally available for enterprise customers in the U.S. This solution provides compute and storage services at the network edge, enabling high bandwidth and low latency for real-time applications like logistics and factory automation. Corning is leveraging Verizon 5G Edge to innovate in fiber-optic cable manufacturing. This partnership aims to enhance efficiency, security, and productivity through advanced technologies including machine learning and augmented reality. Verizon's edge computing capabilities mark a significant step in optimizing enterprise operations.
Verizon, Samsung, and Qualcomm have achieved a significant milestone in 5G technology, reaching upload speeds of 711 Mbps using mmWave spectrum during a lab trial. This speed is noteworthy as it enhances user experiences for both individual and enterprise applications, supporting activities like video uploads and cloud collaboration. Verizon plans to expand its mmWave cell sites from over 17,000 to 30,000 by the end of 2021, indicating a commitment to infrastructure development. This collaboration aims to drive 5G commercialization, enhancing connectivity in dense urban environments.
Verizon Communications Inc. plans to redeem $477.6 million of its 4.15% Notes due 2024 on November 12, 2021. The redemption price will be the greater of 100% of the principal or the present value of remaining payments discounted at the Treasury Rate plus 25 basis points, plus accrued interest. Investors can direct questions to U.S. Bank National Association, the paying agent. Verizon generated $128.3 billion in revenue in 2020 and remains a leading provider of technology and communication services worldwide.
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