Verizon CEO: ‘Competitors Cannot Match’ Our Mobility Strength

Here are Verizon’s third-quarter 2023 earnings results along with CEO Hans Vestberg’s bullish comments during the company’s earnings call.

Verizon CEO Hans Vestberg was bullish about his company’s mobility push compared with the competition as Verizon reported third-quarter 2023 earnings results.

“Across mobility … we have the largest customer base in the industry and are still finding new ways to add customers to innovation, service quality, and a variety of offerings and partnerships that competitors cannot match,” said Vestberg Tuesday morning during Verizon’s earnings call. “We’re seeking the optimal balance between price and quantity that allows us to grow our base profitably.”

Verizon’s mobility business reported 330,000 wireless retail postpaid net additions in third-quarter 2023, including 151,000 postpaid phone net additions. This was the ninth consecutive quarter that the company’s Business segment reported more than 125,000 postpaid phone net additions.

“Businesses and governments continue to place an increased emphasis on best-in-class reliable connectivity that only Verizon provides,” said Vestberg.

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Verizon’s Q3 2023 Earning Results

The New York-based telecommunications and network giant generated a total of $33.3 billion in revenue in third-quarter 2023, representing a decrease of around 3 percent compared with third-quarter 2022. Net income was down 3 percent year over year to $4.9 billion.

“In spite of an uncertain economic environment, we’re on pace to finish 2023 strong,” said Vestberg. “In the quarter, we delivered on our key growth areas: mobility, broadband and private networks thanks to our network, scale and technology advantages.”

Verizon’s third quarter reflected a pre-tax loss from special items of $579 million, including the impact of its acquisition of TracFone and other acquisitions totaling $224 million, as well as the shutdown charge of $179 million related to the shutter of BlueJeans.

Verizon Business Results

Total Verizon Business revenue was $7.5 billion in third-quarter 2023, down 4 percent year over year. Operating income was $539 million, representing a decrease of 23 percent compared with third-quarter 2022.

Lower wireline revenue and wireless equipment sales was partially offset by higher wireless service revenue, Verizon reported.

Business wireless service revenue was $3.4 billion, an increase of 3 percent year over year. This growth was driven by continued strong net additions and pricing actions implemented in recent quarters.

“Businesses are increasingly looking to us for private network solutions, helping to grow our sales performance and scale the number of installations each quarter,” said Verizon’s CEO.

Total Broadband And Wireless Revenue

Verizon generated total wireless service revenue of $19.3 billion, up 3 percent year over year.

The company reported total broadband net additions of 434,000, representing the fourth consecutive quarter that Verizon captured over 400,000 broadband net additions. Total broadband net additions included 384,000 fixed wireless net additions. Verizon now has approximately 10.3 million total broadband subscribers, including nearly 2.7 million subscribers on its fixed wireless service.