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 Frontline has launched the latest phase of the Food for Frontline Workers program, partnering with local restaurants to deliver over 1,500 meals to firefighters and EMTs in Washington, DC. This initiative has already provided over 150,000 meals nationwide to first responders during the pandemic, greatly benefiting small businesses. Supported by non-profit Food on the Stove, the program aims to enhance the health of first responders while helping local economies. Notable deliveries featured former NBA player Harvey Grant.
Verizon Media will implement closed captioning on 100% of original and partner video content starting on April 1, 2021, as part of its commitment to accessibility. This initiative will reach nearly 900 million consumers across its platforms, including Yahoo. Additionally, the company is donating $5 million in media to disability organizations and extending video ad captioning across its offerings. Verizon Media is also launching an Accessibility Council to oversee and enhance accessible practices across its content and services.
Verizon has introduced its Verizon Cloud, an unlimited storage solution designed for seamless backup of photos, videos, and documents across multiple devices. The service allows automatic uploads from iOS, Android, Windows, and Mac devices, and offers a 30-day free trial. Customers can enjoy sharing options with up to four users. The service is priced at $19.99 per month after the trial period. Existing free account users must transition before May to avoid service disruption. Verizon generated $128.3 billion in revenue in 2020.
Verizon is proactively preparing its network for the severe weather season, emphasizing resilience with backup power and contingency plans. The company’s engineers are implementing essential strategies such as generator readiness and redundant infrastructure to ensure connectivity during power outages. Additionally, the Verizon Response Team is on standby 24/7 to support first responders with emergency technologies. Key preparations include surveillance drones, fuel delivery plans, and year-round drills to maintain operational readiness. Residents are urged to prepare personally for potential impacts during severe weather events.
Verizon's C-Band Spectrum Acquisition Boosts 5G Expansion
Verizon's newly acquired C-Band spectrum will significantly enhance its 5G mobility and home services. By the end of 2021, the company plans to increase broadband services to nearly 15 million homes and expand its Ultra Wideband mobility coverage to 100 million customers. Ten new cities, including Cleveland and San Diego, will receive 5G Home Internet. Customers can enjoy speeds up to 1 Gbps at competitive prices, with no data limits and additional perk of a free discovery+ streaming service for a year.
Verizon has partnered with Hoy Health to provide exclusive discounts on telehealth services for its customers. This alliance allows Verizon Wireless postpaid customers to access a 35% discount on virtual consultations with bilingual doctors and one month of select medications. Additional savings include 10% off medications for family members in select Latin American countries and discounts on chronic management kits. Customers can easily sign up through the Verizon website, enhancing their access to healthcare during a time of increased health priorities.
Verizon launched the Women’s CoLab initiative to support women amid high workforce attrition due to pandemic-related burnout. A survey revealed that 68% of women who left voluntarily cited burnout as a key factor. The program aims to provide mentorship, training, and resources for women entrepreneurs. Verizon will kick off the #WomenOwnWednesday social campaign on March 10, encouraging support for women-owned businesses. The initiative builds upon existing efforts to help women in the workplace, addressing gaps in training and mentorship opportunities.
Verizon has launched Mobile + Home Rewards, a new program offering additional savings for customers who subscribe to both its wireless and Fios Home Internet services. New customers can access both Verizon Unlimited and Fios Internet for just $79.99/month with Auto Pay. Through the program, customers can save up to $40/month when they enroll in Mobile + Home Rewards. Existing customers can also receive combined discounts of $30/month or $40/month, depending on their service plans. This initiative aims to enhance customer satisfaction and service bundling benefits.
Verizon Frontline will be introduced during pro basketball's big game, showcasing its advanced network for first responders. The initiative includes partnerships with professional basketball teams to deliver free meals to frontline workers and an online gaming experience featuring Donovan Mitchell and other players. Verizon Frontline has already provided over 150,000 meals through its Food for Frontline Workers program, supporting local restaurants impacted by the pandemic. The company is also collaborating with The Leary Firefighters Foundation to enhance support for firefighters nationwide.
Verizon Communications has declared a quarterly dividend of 62.75 cents per share, consistent with previous payouts. This dividend will be payable on May 3, 2021, to shareholders recorded by April 9, 2021. The company has approximately 4.1 billion shares outstanding, with $10.23 billion paid in dividends in 2020. Verizon generated $128.3 billion in revenues last year, establishing its status as a leading provider of communication services globally.
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