Today is a big day for Verizon as they just broke the news about their revenue for the second quarter of this year 2024. They announced that this year their company has made a huge amount of 35.1 billion dollars.
This revenue that they generated in the 2nd quarter of 2022 was just 0.3 percent greater than the current revenue they got.
Strategic Growth and Challenges
There is an addition of almost 378 thousand customers to their 5G wireless home internet service in the 2nd quarter of the year 2024. This is a huge success for Verizon as they want be progress by providing 5G home internet connections.
Now, at this time they have almost 3.8 million customers of their 5G home internet service and it is really impressive, and these stats show that they have got 69% more than their last year. They have got a revenue of almost $514 million which is $200 million more than they got last year.
When we look at the other side of the story then we can see that Verizon’s TV customer base has lost 2.818 million customers and this is a huge loss for them as it is 8.8% lower than the previous year, but they have gained 2.8% to over 7 million customers for their service of Fios Fiber Internet.
Market Trends
The CEO of Verizon Hans Vestberg said that they have seen so many improvements just because of their excellence in operations and also by offering choice, value, and control to our customers.
He also said that they have the best network servers which are always supporting their millions of customers and with the help of top-notch technologies verizon is developing new products and services to satisfy their customers.
Verizon also increased the price of their 5G wireless internet service last year to $10 per month for their new users and their strategy of increasing the price has greatly increased their revenue because a lot of people love this service because it seems a cheaper option for them.
Verizon is currently focused on making 5G home internet service, as the main part of their broadband plans. Their fibre and other services for the internet just brought them 53 thousand new broadband customers.
A lot of people are looking for ways to get rid of their old traditional cable internet services. Comcast and Spectrum are under pressure from their users because a lot of people have joined this cord-cutters 2.0 trend and they are challenging other internet service providers.