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Verizon posts higher subscriber loss on price hikes, competition

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It also raised monthly prices for its customizable myPlan accounts with five lines or more by $3 per line, while customers on the New Verizon Plan faced a $4 per line increase for single mobile lines. That led to a higher churn, percentage of customers exiting a service, with Verizon reporting a loss of 289,000 monthly bill-paying wireless subscribers in the first quarter, after it added a record 568,000 customers in the December quarter. Wireless service revenue grew 2.7% to $20.8 billion, helped by the price hikes implemented by the company.
Verizon Communications Inc. reported a higher-than-expected loss of 1.3 million wireless subscribers in the fourth quarter, primarily due to the impact of the ongoing health crisis and economic challenges. Despite the subscriber loss, the company's total revenue for the quarter was $34.7 billion, surpassing analysts' expectations, driven by growth in its 5G network and business services. Verizon also announced plans to expand its 5G Ultra Wideband network, aiming to cover 100 million people by the end of 2021, and reported an increase in its broadband subscriber base. However, the company's net income fell to $4.7 billion from $5.3 billion in the same quarter of the previous year, reflecting the challenges faced in the wireless segment.

Read the Full Reuters Article at:
[ https://tech.yahoo.com/articles/verizon-posts-higher-subscriber-loss-110026707.html ]