Verizon Wireless today reported its second-quarter earnings for 2024. With that, they reported total revenue of 35.1 billion, a 0.3% decrease from the second quarter of 2022.
Verizon added over 378,000 5G wireless home internet customers during the second quarter of 2024. This is wonderful news for Verizon, which hopes to expand its home internet service by delivering 5G home internet. This pushes Verizon to 3.8 million 5G Home Internet customers, a 69% increase year on year. Revenue from 5G Home Internet increased to $514 million, more than $200 million year on year.
This comes as Verizon’s TV customer base fell to 2.818 million at the end of the quarter, down 8.8% from the previous year. Verizon also increased Fios Fiber Internet users by 2.8% year on year to more than 7 million.
READ MORE: Verizon Is Facing A $5.8 Billion Loss Due To Its Struggling Business Unit
“The sequential and year over year improvements in the second quarter were a reflection of operational excellence and the moves we made to bring choice, value and control to our customers’ lives,” Hans Vestberg, Verizon’s chairman and CEO, said. “Our industry-leading network drives how our millions of customers live their lives and acts as the foundation for new and developing technologies. We continue to build on our strengths and successes by introducing new products and services, and we are convinced that this upward trend will position us for future growth.”
READ MORE: Verizon Gains Broadband Users But Loses 79,000 TV Subscriptions In Third Quarter
Verizon boosted the price of its 5G Home Internet service by $10 per month for new subscribers last year. This move appears to be an effort to increase revenue, as customers continue to migrate to 5G Home Internet in search of lower-cost solutions.
Verizon’s broadband ambitions continue to prioritize 5G Home Internet, with Fiber and other internet offerings accounting for only 53,000 additional broadband subscribers. This comes as many cord cutters prepare to join the Cord Cutting 2.0 movement by switching from cable internet to cheaper home internet services. This continues to put strain on Comcast and Spectrum’s internet offerings.
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