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 has released its Green Bond Impact Report, detailing nearly $1 billion in net proceeds from its fourth green bond issued in March 2022. This report confirms the full allocation of funds towards virtual power purchase agreements (VPPAs), contributing to 850 megawatts (MW) of new renewable energy capacity. Verizon aims to achieve 50% renewable energy sourcing by 2025 and 100% by 2030, supported by $4 billion in green bonds. Since 2019, it has signed 26 VPPAs for approximately 3.3 gigawatts (GW) of expected capacity, with operational projects exceeding 800 MW.
Verizon announces the winners of its inaugural 2022 Partner Network Recognition program, honoring partners excelling in six categories. The program acknowledges collaboration, customer service, and innovative solutions. Awardees include Source Inc. for Partner Innovation, Arrow Electronics/Seneca for Social Impact, and Connected Solutions Group for Operational Excellence. Other winners are ConectUS Wireless for Customer Impact, SHI International Corp. for Marketing Excellence, and Connected Solutions Group & Ingram Micro for Business Internet Growth. These winners will receive recognition at the Verizon Channel Partners Summit.
Verizon has entered a five-year partnership with the NFL to provide a Managed Private Wireless Solution for coach-to-coach communications across all 30 U.S. stadiums starting in the 2023 season. This solution, piloted at international NFL games, enhances speed, security, and reliability for critical game communications. Verizon has invested over $100 million in network upgrades around State Farm Stadium for Super Bowl LVII. A promotional 30-second commercial titled “Next Season Starts Now” will air post-game, showcasing this innovative solution. Furthermore, a sweepstakes is ongoing to give away 20 pairs of Super Bowl tickets for three consecutive years.
Verizon Wireless is offering free calls to Turkey from February 6 to 12, 2023, due to the recent devastating earthquake. This initiative allows both consumer and business customers in the United States to connect with loved ones affected by this disaster without incurring long-distance charges. Calls to Turkey will be rated at $0.00 per minute, and customers with international coverage plans can call without depleting their minutes. Additionally, Verizon is waiving international roaming and data charges for those traveling in Turkey during this period. The company aims to support communication efforts during this critical time.
Verizon has announced a multiyear extension of its sponsorship with Will Power and Team Penske, continuing as the primary sponsor for the No. 12 Chevrolet in the NTT INDYCAR SERIES. This partnership, which began in 2009, has seen Power achieve significant milestones, including 41 wins and a record number of pole positions. In 2022, Power secured his second championship after a consistent season. Verizon plans to utilize its 5G Ultra Wideband technology to enhance performance analysis and fan engagement during races. Verizon generated revenues of $136.8 billion in 2022, reflecting its strong position in the technology and communications sector.
Verizon has achieved a remarkable milestone in 5G technology by reaching 1.26 Gbps upload speeds, further enhancing customer experiences for activities like video chats and live streaming. The trials utilized a combination of 20 MHz LTE and 400 MHz mmWave spectrum, demonstrating the company's commitment to optimizing performance across various spectrum bands. With the acquisition of C-band licenses, Verizon now holds a total of 2,035 MHz of spectrum, leading the industry in spectrum efficiency. Customers can anticipate peak download speeds of 2.4 Gbps as additional spectrum becomes available, significantly enhancing service capabilities across over 175 million users.
Verizon's 5G network has been recognized as the most reliable in the nation, according to the latest RootMetrics® State of Mobile Union Report. This marks the fourth consecutive testing period where Verizon ranks highest for its 5G service. Notable achievements include a 31% increase in download speeds and winning 85% of awards in major metro markets. Currently, Verizon's 5G Ultra Wideband service covers over 175 million people, with plans to reach 200 million by March's end. The company's ongoing network enhancements, focused on security and innovation, are aimed at improving customer experiences.
Verizon Enhances Network in Kansas City
Verizon has rolled out significant upgrades in Kansas City, including 5G Ultra Wideband service deployed at 75% of cell sites. This technology promises download speeds of up to one gigabit per second, boosting capacities for data-heavy applications such as mobile gaming and HD streaming. A permanent Distributed Antenna System is being installed at Kansas City International Airport, enhancing connectivity for travelers. Additionally, Verizon is increasing fiber capacity at local cell sites, allowing for ten times more data traffic. These enhancements are aimed at supporting upcoming football events and improving overall user experience.
Verizon has launched an enticing preorder offer for the Samsung Galaxy S23 series, allowing customers to get a Galaxy S23 for free or receive up to $800 off with a trade-in on select 5G Unlimited plans. Customers will also receive a complimentary Galaxy Watch5 and Galaxy Tab S7 FE 5G, along with a $200 Verizon eCard. Preorders begin today, with the devices available in stores from February 17. The Galaxy S23 lineup includes the Ultra, S23+, and S23, featuring impressive photography capabilities and enhanced gaming performance thanks to the Snapdragon 8 Gen 2 Mobile Platform. Accessory discounts are also offered during this limited-time promotion.
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