The competition got the best of Verizon
As the 5G technology is gaining ground, people are
constantly looking for competitive options from the big telecom carriers,
making significant investments to upgrade their networks.
Verizon lost 178,000 wireless phone subscribers in the first
quarter of the year due to competition, according to its report. The figures
came in higher than 121,700 initially estimated.
On the other hand, total operating revenue rose about 4% to
$32.9 billion.
The news came after in February, Verizon, alongside
AT&T, and T-Mobile
won $78 billion in bids for the C-Band spectrum – a source for next-gen 5G
networks. Moreover, at the beginning of April, the company recalled 2.5 million
hotspot devices after discovering that the lithium-ion battery can overheat,
creating a fire and burning hazard. The recall focused on the mobile hotspots
imported and sold between April 2017 and March 2021.
At the moment of writing, Verizon stock price is trading
0.43% lower in the pre-market session.
Sources: finance.yahoo.com, reuters.com
