Verizon today said capital spending (Capex) will be at the higher end of the guided range of $17.5 billion to $18.5 billion.
Verizon’s capital expenditures were $14.2 billion during the first nine months of 2020.
Verizon said capital expenditures supported the growth in traffic on Verizon’s 4G LTE network, the launch and expansion of 5G Ultra Wideband and nationwide networks, the upgrade to its Intelligent Edge Network architecture, and the deployment of fiber in more than 60 markets.
Verizon reported operating revenues of $31.5 billion (–4.1 percent) in the third quarter of 2020 due to lower customer activity and the timing of the launch of Apple iPhones in the United States.
Verizon Consumer revenues decreased 4.3 percent to $21.7 billion, driven by a significant decrease in wireless equipment revenue due to reduced customer activity.
Verizon Communications added 283,000 post-paid phone subscribers as people bought new connections to power work-from-home set-ups.