Verizon said its capital spending (Capex) will be in the range of $17.5 billion to $18.5 billion during 2021.
Verizon said it will be making investment in mobile networks for the expansion of 5G Ultra Wideband in new and existing markets, the densification of the wireless network to manage future traffic demands, and the continued deployment of the company’s fiber infrastructure across the US.
Verizon said full-year 2020 capital expenditures were $18.2 billion. Capital expenditures continue to support the growth in traffic on the company’s 4G LTE network and the build-out of the company’s 5G Ultra Wideband and nationwide networks.
Verizon chairman and CEO Hans Vestberg said: “2020 was marked by transformational change, including the launch of 5G nationwide network. We executed our multi-use network strategy; we were recognized by RootMetrics as the best overall wireless provider, undefeated in all categories.”
Verizon Communications added 279,000 postpaid phone subscribers in the fourth quarter as it faced increased competition from rivals T-Mobile US and AT&T.
Operating revenue for Verizon fell 0.2 percent to $34.7 billion, while net income fell to $4.72 billion in the fourth quarter ended Dec. 31, from $5.22 billion, a year earlier.