Verizon’s mobility biz advances, but lead worries remain
Verizon reported slightly better-than-expected results in its mobility business for the second quarter of 2023, although the company continues to lose share in the consumer side of the market. Company officials also reiterated Verizon’s financial guidance for the rest of the year.
Partly as a result, Verizon’s stock continued to show signs of improvement Tuesday after several weeks of declines.
Meanwhile, Verizon said it continues to investigate the presence of lead within its aging copper network. But company officials declined to offer any clear guidance on how the situation might ultimately be resolved.
Broadly, though, Verizon officials sought to paint a positive picture of the company’s overall prospects. They argued that Verizon’s mobility business ought to continue its upward trajectory as it adds more midband C-band spectrum into its network later this year, buoyed by the company’s new pricing plans and leadership structure.
“The actions we are taking…are working,” CEO Hans Vestberg said during the operator’s quarterly conference call Tuesday morning.
The mobility business
Verizon reported total postpaid phone net customer additions of roughly 8,000 during the second quarter. That figure comprises around 136,000 net customer losses in Verizon’s consumer-focused business, offset by 144,000 net customer additions in Verizon’s business-focused division. According to the financial analysts at Evercore, both figures were slightly better than expected.
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