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 commenced deployment of 100 MHz of C-band spectrum, significantly increasing its 5G Ultra Wideband capacity from 60 MHz. This upgrade allows for peak download speeds of 1.4 Gbps near cell sites and 500 Mbps further away. As additional spectrum clears, customers will gain access to between 140-200 MHz nationwide. This expansion aims to enhance service quality for mobile users and broaden the reach of Verizon's 5G Home broadband services, positioning Verizon as a stronger competitor in the home broadband market.
Verizon Enhances Access to Mental Health Resources
On July 16, 2022, Verizon’s landline customers gained the ability to dial 988, the new Suicide and Crisis Prevention Lifeline. This follows its prior introduction for wireless customers in December 2020. Users can call or text 988 to connect with trained experts without incurring charges. The initiative aims to provide essential support during crises, as emphasized by Kathy Grillo, Verizon's SVP of Public Policy. The Lifeline continues to maintain its toll-free number, 1-800-273-8255, alongside support for veterans and Spanish speakers through the 988 service.
On July 14, 2022, Verizon announced an expansion of its 5G Ultra Wideband network, providing over one million additional customers in Atlanta, GA, with enhanced speed and capacity. This service now delivers download speeds up to 10 times faster than median Verizon 4G LTE. The coverage includes key areas such as Forsyth and Fulton Counties, and it was achieved 18 months ahead of schedule through spectrum agreements. Verizon aims to reach 175 million people by the end of 2022 and 250 million by 2024, enhancing both mobile and business internet services.
Verizon has been recognized as the most awarded brand for Wireless Network Quality in J.D. Power's 2022 study, achieving this for the 29th consecutive time. The company received awards in five out of six regions, highlighting its superior customer satisfaction in network performance. Over the past 19 years, Verizon has accumulated over 180 J.D. Power awards, more than any other provider. The study surveyed over 34,174 wireless customers, emphasizing Verizon's reliability in delivering data, video, and voice services, with $133.6 billion in revenue generated in 2021.
Verizon Visa Card holders can now earn 4% rewards on gas purchases year-round, responding to rising fuel costs averaging $5 per gallon in the U.S. This offer is part of a broader rewards program that includes 4% on groceries, 3% at restaurants, and 2% on Verizon purchases. Users can apply their Verizon Dollars toward various expenses, including bills and travel. Additionally, new cardholders can receive up to $100 credit on their wireless bill over the first two years by using the card for bill payments.
On July 14, 2022, Maggie Hallbach, Senior VP of Verizon Public Sector, was appointed to the Board of Directors for the Northern Virginia Technology Council (NVTC). She leads Verizon's initiatives for federal, state, and local partnerships focused on innovative technology solutions, including Verizon Frontline for first responders. Hallbach aims to enhance NVTC's strategy to bolster the tech industry and job access in the region. Holding an MBA from the University of Maryland, she has over 20 years of experience in technology and government.
Verizon has launched the Welcome Unlimited plan, offering unlimited talk, text, and data for just $30 per line per month for four lines with Auto Pay. Additionally, customers can receive a $240 e-gift card per line when activating their own 4G LTE or 5G phone, totaling up to $960 for a family of four. This plan aims to attract more customers amidst rising budget concerns, as 86% of Americans are worried about increasing expenses. The announcement aligns with Verizon's ongoing innovations in 5G connectivity and expands its consumer offerings.
Women's CoLab is enhancing its support for women in the workforce through the launch of CoLab Conversations, a series of interactive learning sessions featuring renowned female entrepreneurs and career coaches. The initiative aims to empower women, particularly as they navigate challenges following the pandemic. Participants can expect actionable insights on career development and investment in personal growth. Notable speakers include Jaclyn Johnson and Cloé Caron. For more details, visit WeAreWomensCoLab.com.
Verizon Innovative Learning is rebranding and expanding its free project-based enrichment program to Verizon Innovative Learning STEM Achievers, aimed at middle school students in under-resourced communities. The program focuses on emerging technologies and offers hands-on experiences across four educational tracks, including artificial intelligence. It collaborates with 44 colleges nationwide, supporting 10 million youths in digital skills training by 2030 through its Citizen Verizon initiative. The program enhances learning and mentorship opportunities for students.
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