Verizon CEO Hans Vestberg reveals another disappointing quarter

Verizon has revealed one more quarter of disappointing financial performance under the new CEO Hans Vestberg.
Verizon 5G network

Verizon reported revenue of $32.1 billion (–0.4 percent) with net income of $4.1 billion in the second quarter of 2019.

Verizon has generated revenue of $22 billion (flat) from Consumer, $7.8 billion (–1.1 percent) from Business and $1.8 billion (–2.9 percent) from Media.

But Hans Vestberg seems to be happy about the flat growth in consumer, 1.1 percent drop in business and 2.9 percent dip in media business.

“Verizon finished strong in the first half of 2019 by delivering solid financial results while transforming the business under the new operating structure and advancing our leadership in 5G,” Hans Vestberg said.

Hans Vestberg said Verizon has made history this quarter by becoming the first carrier in the world to launch 5G mobility. The telecom industry believed that mobile operators kicked off 5G services ahead of US operators.

T-Mobile tops in additions

Verizon, the largest U.S. mobile carrier, added 245,000 mobile phone subscribers during the second quarter.

AT&T, the second-largest U.S. wireless carrier by subscribers, added 72,000 phone subscribers.

T-Mobile, the third largest mobile operator, has added 710,000 phone subscribers in the three months ended June 30.

Verizon, AT&T, T-Mobile and Sprint have wireless service revenues of more than $160 billion.

Verizon and AT&T control two-thirds of the total U.S. wireless market. T-Mobile and Sprint together have more than 135 million customers.

Verizon did not reveal the initial response from customers to its 5G services wherever it is presently available.

Verizon’s first half capital expenditures totaled $8 billion — supporting the launch and build-out of its 5G Ultra Wideband 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 Verizon’s Intelligent Edge Network architecture.

Baburajan K