Verizon Communications Inc (NYSE:VZ) experienced a “low” first quarter, considering how it lost a significant chunk of its wireless subscribers. The company didn’t expect matters to play out in such a way, and it has been quick to point out the fierce competition from its rival, T-Mobile.
The company recognizes how fast the 5G network continues to gain traction and that customers have been looking out for the best deals from the major carriers. The market consists of about three big telecoms carriers, and all of them continue introducing more favorable conditions for customers to gain a more competitive edge. The network upgrades continue becoming a more common phenomenon, with each of the companies striving to pull customers to its network and services.
Verizon confirms the number of subscribers it lost in the quarter, the figure standing at 178,000 wireless phone subscribers. FactSet had earlier given its estimate at about 121,700 subscribers, but the company’s loss beats the number by a significant margin.
The company’s total operating revenue shot up by 4% to hit the $32.9 billion mark. The analysts’ projections place the figure at about $32.46 billion.
Major telecom companies in the US have achieved a lot in terms of business progress. For example, all of them have managed to establish nationwide service deployment.
T-Mobile Inc (NASDAQ:TMUS) takes the lead position, serving about 270 million persons with its low-band network. Verizon took second place, serving almost 230 million. The previous year also ended up rather well for AT&T Inc (NYSE:T), whose figure stood at 225 million.
The major carriers continue channeling resources towards developing the next-generation networks, and 2021 might turn out to be an excellent year for the companies. The wave of change might witness companies replace home broadband.
The companies want to lay the foundation that will facilitate major developments, including self-driving cars and remote surgeries. Analysts expect the next decade to be a transformational zone in improved service delivery.
The major carriers have, over the years, developed a habit of twisting stories about wireless technology. No one can tell how matters turn out in the next decade.