Verizon Communications said operating revenue rose nearly 1 percent to $32.89 billion in the third quarter of 2019.
Verizon generated revenue of $22.7 billion (+1.4 percent) from Consumer, $7.9 billion (flat) from Business and $1.8 billion (–2 percent) from Media in Q3 2019.
Verizon said capital expenditures in the first nine months were $12.3 billion to support the launch and build-out of Verizon’s 5G network, the growth in data and video traffic on the company’s 4G LTE network, the deployment of significant fiber in markets nationwide and the upgrade to Intelligent Edge Network architecture.
Verizon did not reveal its subscriber growth after announcing its 5G plans. Verizon did not reveal 5G revenue as well.
Verizon CEO Hans Vestberg said: “Our capital expenditures support the growth in data and video traffic on our 4G LTE network, the launch and build-out of 5G Ultra Wideband network, the upgrade to Intelligent Edge Network architecture and significant fiber deployment in 60-plus markets outside our ILEC footprint.”
Verizon has maintained its full year 2019 Capex guidance range of $17 billion to $18 billion.
Verizon’s 5G network is live in 15 markets where it has deployed its 5G Ultra Wideband. Verizon will be launching 5G network in 30 markets by year-end.
Verizon said it also launched the 5G Home city based on the NR standard. That proves the model now is moving into the standard 5G to really see that we get the full benefit of the deployment and the development on the 5G standard.
Verizon engineers started the deployment of 5G Ultra Wideband in stadiums especially with NFL, 13 stadiums when the season kicks off having 5G coverage.
“This is important for us because it’s part of the dense urban areas where you have a lot of viewers at the same time when really our 5G is coming to excel,” Hans Vestberg said.
The results underscore the company’s focus on strengthening its core wireless business in a highly competitive U.S. market by also adding free streaming content to its unlimited plans, Reuters reported.
Verizon said earlier this week that it would offer a free one-year subscription to Walt Disney Co’s Disney+ streaming service, taking aim at rival AT&T that is set to launch streaming service HBO Max later this month.
“We added Apple Music and will now have Disney+. As we make it easier for people to step up into unlimited, that brings value for us as well,” Verizon Chief Financial Officer Matt Ellis told Reuters.
Verizon has launched four new pricing plans for its unlimited packages in the third quarter, starting at $35, and expanded its 5G services to four new cities, taking the total to 15. That helped add 615,000 post-paid customers in the latest quarter.