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Verizon Communications (VZ) Q3 Earnings call transcript Oct 22, 2024

Daily EarningsMonday, Oct 28, 2024 8:26 pm ET

1min read

VZ --

Verizon's third-quarter earnings call for 2022 was a testament to the company's strategic focus on network investments, broadband expansion, and a positive outlook for the future. Hans Vestberg, CEO of Verizon, led the call, highlighting the company's strong financial performance, strategic moves, and growth initiatives.

Highlights of the Third Quarter

The third quarter was marked by significant achievements for Verizon. The company reported a 2.7% increase in wireless service revenue, marking its biggest profit EBITDA in history, at $2.5 billion. Verizon also achieved a net add of 239,000 postpaid subscribers, and 15 months ahead of schedule, the company has reached its target of 4 million to 5 million fixed wireless access subscribers.

Strategic Updates and Future Plans

Verizon's strategic moves were a key focus during the earnings call. The company is expanding its broadband offerings, with plans to double the fixed wireless access target by 2028, reaching 8.9 million subscribers. Additionally, Verizon is accelerating its Fios expansion, aiming to reach more than 30 million passings by 2025. These initiatives underscore Verizon's commitment to offering comprehensive connectivity solutions to its customers.

Network Investments and Capital Allocation

Investments in network infrastructure were a significant theme during the call. Verizon has been actively deploying C-Band spectrum, which is contributing to enhanced network coverage and capacity. The company is also investing in fiber expansion, with the acquisition of Frontier Communications expected to add to its fiber footprint. These strategic moves aim to provide superior network experiences for Verizon's customers.

Future Financial Guidance

Verizon remains confident in its financial outlook, with the expectation of maintaining its wireless service revenue and EBITDA growth. The company is optimistic about its future financial performance, especially with the ongoing network investments and broadband expansion plans.

Conclusion

Verizon's third-quarter earnings call showcased the company's strategic focus on network investments, broadband expansion, and financial performance. With a strong outlook for the future, Verizon is poised to continue its leadership in the telecommunications industry, offering innovative connectivity solutions to its customers.

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