Verizon Gains Broadband Users But Loses 79,000 TV Subscriptions In Third Quarter

In the third quarter, Verizon lost 78,000 net pay TV customers for its Fios consumer video service, leaving it with slightly over 3.0 million, the telecom behemoth revealed on Tuesday.

In the second quarter, it lost 69,000 users in its consumer sector; a year earlier, it had lost 95,000.

The third quarter, Verizon also lost 1,000 business Fios video subscribers. The firm has frequently previously stated that one of the main causes of the loss in video subscriber numbers is “the ongoing shift from traditional linear video to over-the-top offerings.”

After adding 51,000 Fios broadband internet customers in the second quarter, Verizon, under the direction of chairman and CEO Hans Vestberg, added 72,000 new users in the third quarter. With net additions to broadband of 434,000 during the most recent period as opposed to 287,000 during the second quarter, Verizon ended September with 10.3 million overall broadband users. This was “the fourth consecutive quarter that Verizon reported more than 400,000 broadband net additions,” according to the firm.

“Users can discover, purchase and manage some of their favorite subscriptions across entertainment, audio, gaming, fitness, music, lifestyle and more – all in one place,” according to Verizon’s announcement of its +play platform last year. The company stated at the time that the hub would provide Verizon customers with an easy way to access and benefit from exclusive deals for content services. It would do this through new partnerships with Netflix, Peloton, Live Nation’s Veeps, and featuring leading services like Disney+, Discovery+, A+E Networks, AMC+, and many more.

After deducting non-recurring expenses, Verizon reported third-quarter earnings of $4.76 billion, or $1.13 per share, or $1.22 per share. Wall Street was not prepared for that. The $33.3 billion in quarterly revenue fell short of Street expectations.

“Our financial discipline, combined with our healthy balance sheet, enabled us to increase our dividend for the 17th consecutive year, which is the longest current streak of dividend increases in the U.S. telecom industry,” Vestberg said in the company’s Tuesday earnings update, praising its momentum.

Verizon Gains Broadband Users But Loses 79,000 TV Subscriptions In Third Quarter

In the third quarter, Verizon lost 78,000 net pay TV customers for its Fios consumer video service, leaving it with slightly over 3.0 million, the telecom behemoth revealed on Tuesday.

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