Verizon Communications has shared an impressive update on its performance, resilience, and strategic advancements, particularly during the ongoing California wildfires. The company highlighted key financial growth, innovative developments, and its unwavering support for affected communities.
Financial Growth and Subscriber Updates
In the fourth quarter of 2024, Verizon reported a total operating revenue of $35.7 billion, reflecting a 1.6% increase compared to the same period in 2023. Earnings per share stood at $1.18, a significant recovery from the $0.64 loss reported in the previous year. Adjusted earnings per share came in at $1.10, slightly higher than the $1.08 reported in the fourth quarter of 2023.
The company’s consolidated net income rose dramatically to $5.1 billion in Q4 2024, a stark contrast to the $2.6 billion net loss during the same quarter in 2023. Additionally, Verizon reported consolidated adjusted EBITDA of $11.9 billion, up from $11.7 billion a year ago.
However, Fios TV subscribers declined from 2.9 million in late 2023 to 2.7 million by the end of 2024. Despite this, broadband services saw significant growth, with the addition of 408,000 new broadband subscribers, bringing Verizon’s total broadband users to 10 million.
Strategic Acquisition of Frontier Communications
Verizon continues to strengthen its position in the telecommunications market with the acquisition of fiber internet provider Frontier Communications. Announced in September 2024, this $20 billion cash deal aims to expand Verizon’s broadband footprint across the United States.
Frontier currently serves 2.2 million fiber internet customers across 25 states. Verizon has ambitious plans to build an additional 2.8 million fiber locations by the end of 2026. The acquisition, pending regulatory approval, is expected to close by early 2026.
California Wildfires: Network Resilience and Support
In response to the devastating wildfires in California, Verizon has demonstrated its commitment to maintaining critical connectivity for communities, businesses, and first responders. The company’s crisis response team has been working closely with federal, state, and local safety agencies to ensure uninterrupted service.
“Our engineers have been working around the clock to restore nearly all of the impacted macro cell sites,” said Hans Vestberg, Verizon Chairman and CEO. “The Verizon network is holding up strong, ensuring critical connectivity for those who need it most. We remain dedicated to supporting employees, customers, and communities in Los Angeles and beyond.”
Innovations in AI and Technology
As part of its forward-looking initiatives, Verizon unveiled a new product suite called AI Connect. This suite offers businesses the tools they need to deploy artificial intelligence (AI) workloads at scale. Google Cloud and Meta are among the early adopters of this cutting-edge solution.
“With innovations powered by the best network in the country, we are delivering unparalleled experiences for our customers,” Vestberg stated. “Offerings like myPlan, myHome, Verizon Business Complete, and Total Wireless exemplify the simplicity and value our customers expect. AI Connect will further enhance these experiences, helping businesses operate more efficiently.”
Expansion Ahead of Major Events
Ahead of the Paris Olympics, Verizon launched a Peacock-Netflix streaming bundle, providing customers with an enhanced viewing experience. This move highlights the company’s focus on combining entertainment with seamless connectivity.
In addition to its AI initiatives, Verizon continues to explore satellite partnerships and other advancements that promise to broaden its network capabilities for a wide range of users.
Looking Ahead
Verizon’s strong financial performance, innovative product offerings, and community-focused initiatives underscore its resilience and adaptability. The company remains committed to enhancing connectivity and introducing forward-thinking solutions that cater to the evolving needs of customers and businesses.
As the acquisition of Frontier Communications progresses and new technologies are implemented, Verizon is poised to maintain its leadership in the telecommunications industry while continuing to support communities during critical times.
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