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 strengthened its partnership with MiCTA, enhancing access to its comprehensive suite of communications solutions for over 8,000 members in public sectors. This agreement streamlines procurement processes, enabling members to modernize their communications infrastructure efficiently. Key offerings include advanced tools like virtual contact centers and secure cloud services, supporting improved citizen engagement. Verizon's reliable 5G network and technology portfolio are set to provide significant benefits to state and local governments, educational institutions, and other organizations that MiCTA serves.
In response to Hurricane Ian and upcoming tropical weather, Verizon has reaffirmed its commitment to keep Florida's community and first responders connected. The company has mobilized teams and equipment throughout the state, completing necessary maintenance and upgrades. Verizon's network is designed to withstand extreme conditions, featuring backup power systems at 100% of macro cell sites. Over 500 portable assets and 150 satellite-based systems are ready for deployment to enhance network coverage. Verizon Frontline will support first responders with critical communication tools during emergencies.
Verizon Communications Inc. has elected Vittorio Colao to its Board of Directors, effective November 4, 2022. Colao, who previously served as Italy's Minister for Innovation, brings extensive telecommunications experience, having led Vodafone Group from 2008 to 2018. His return to Verizon's board is expected to enhance governance and financial oversight, as he also possesses insights from his prior position on the Verizon Wireless Board. This addition brings the total board membership to 12, with 11 being independent.
Verizon will showcase cutting-edge 5G innovations alongside Nokia at the 5G Innovation Session in Hudson Yards, NYC, on November 8. The event will feature demonstrations of real-world applications, including real-time analytics and IoT solutions, with insights from industry leaders. Verizon also highlighted its investment of nearly $4.6 billion in New York in 2021 to enhance network capacity, deploying 5G Ultra Wideband and supporting customer experience in major venues. The company aims to empower small businesses with resources through programs like Verizon Small Business Digital Ready.
Verizon has entered a multi-year contract with World Champion Fantasy (WCF) to enhance its PlayerX fantasy esports platform using Verizon's 5G technology. This collaboration aims to revolutionize the esports experience, allowing users to create customizable fantasy teams, access real-time statistics, and stream exclusive content all in one place. By integrating advanced features, including interactive avatars and video conferencing capabilities through BlueJeans, this partnership is set to elevate fan engagement and redefine online gaming experiences.
Nexstar Media Group (NASDAQ: NXST) and Verizon (NYSE: VZ) have signed a multi-year distribution agreement reinstating 13 local television stations and NewsNation to Verizon FiOS in 10 markets. This agreement restores access to over three million Verizon subscribers, ensuring they can view key programming, including Major League Baseball’s World Series and college and NFL games. The stations had been unavailable since October 14, enhancing viewer access to local news, sports, and entertainment.
Verizon has partnered with Reset Digital and Yahoo to enhance audience engagement using Reset Digital's advertising network. Since the pilot launched in August 2022, this collaboration aims to connect Verizon with multicultural audiences and advance its diversity, equity, and inclusion (DE&I) initiatives. Tony Wells from Verizon emphasized the importance of reaching diverse communities, while Reset Digital's CEO mentioned their focus on omnichannel marketing. This partnership aligns with Verizon's Responsible Marketing Action Plan, which seeks to improve equity and accountability in marketing.
Verizon has launched a limited-time 10-year price guarantee for its Home Internet products, including 5G Home, Fios, and LTE Home services, for new customers.
New York City, Hoboken, and Jersey City are the latest areas to receive expanded 5G coverage. Additionally, Verizon is introducing the Verizon Receiver, a unique device that optimally switches between all its wireless networks. With over 1 million customers now accessing its fixed wireless offerings, Verizon aims to enhance service quality and customer satisfaction at competitive pricing.
Verizon Communications Inc. (NYSE: VZ) reported its third-quarter 2022 results, showcasing a total revenue of $34.2 billion, a 4% year-over-year increase. Earnings per share (EPS) dropped to $1.17 from $1.55 in Q3 2021, with net income at $5.0 billion, down 23.3%. The company noted strong growth in wireless service revenue at $18.8 billion, up 10%. Furthermore, Verizon's broadband segment added 377,000 net connections, reflecting robust demand, particularly for fixed wireless services. The outlook for full-year 2022 estimates wireless service revenue growth between 8.5% and 9.5%.
Verizon has launched new Prepaid plans, offering enhanced value at lower prices. The Prepaid Unlimited plans start at $50/month with Auto Pay, including 6 months of Disney+. The new Unlimited Plus plan features 50 GB of premium network access, 25 GB of mobile hotspot service, and one Global Choice country per month, priced at $60/month. All plans now include talk, text, and data in Mexico and Canada. These changes reflect Verizon's commitment to providing affordable and flexible options to customers.
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