Verizon (NYSE: VZ) reported total operating revenue of $32.8 billion for 2Q24, up less than one percent on a year-over-year basis. Consolidated net income of $4.7 billion for the second quarter was down from $4.8 billion in 2Q23. Consolidated adjusted EBITDA was $12.3 billion, up from $12.0 billion in second-quarter 2023. Total capital expenditures for the first six months totaled $8.1 billion. The company maintained its previous 2024 capex guidance of $17.0 billion to 17.5 billion. Verizon’s wireless capex accounts for an estimated 55 percent of the total.
Wireless accounted for 60 percent of the company’s revenues. Total wireless service revenues for 2Q24 were $19.8 billion, up 3.5 percent YoY. Retail postpaid phone net additions were 148,000, and retail postpaid net additions were 340,000 which the company attributed to value-added plans and competitive prices. Verizon ended the quarter with a total of 144.5 million postpaid and prepaid wireless subscribers, the highest among U.S. mobile network operators, according to Inside Towers Intelligence.
Broadband is another growth area through a combination Verizon’s offerings of its FiOS fiber-to-the-premise system and its fixed wireless access connectivity for homes and small businesses. The company reported total broadband net additions of 391,000 to end the quarter with 11.3 million total FiOS internet and fixed wireless access broadband subscribers representing a 17 percent YoY increase.
Most of that broadband increase came from 378,000 FWA net additions in the quarter. At the end of 2Q24, the company had a total of more than 3.8 million FWA consumer and business subscribers, representing an increase of nearly 69 percent YoY. FiOS internet connections for consumers and businesses reached 7.4 million at the end of 2Q24, up three percent from the 7.2 million at the end of 2Q23.
The company maintained its outlook for 4-5 million FWA subscribers by the end of 2025, but gave no indication of whether it would surpass that tally. It did suggest that with FWA enabled on its 5G Ultrawideband service that uses mainly C-band spectrum, it could grow the FWA subscriber base beyond current expectations.
Hans Vestbrg, Verizon Chairman and CEO commented that the company “has nearly half of our network traffic running on ultra-wideband, up from 36 percent a year ago.” With nearly 60 percent of the company’s planned sites now deployed with C-band, Vestberg said that Verizon is in the process of extending C-band coverage on suburban and rural sites.
Vestberg offered no comment on any “rumor” that Verizon was selling a block of towers, as Inside Towers reported.
By John Celentano, Inside Towers Business Editor
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