Verizon Communications Inc.
Verizon Reports Strong 2023 Performance with Increased Wireless Customer Growth
Summary
Verizon Communications Inc. reported strong full-year 2023 results, highlighting significant wireless customer growth and increased service revenue. The company saw over 31% growth in fixed wireless net additions and a 26% increase in total wireless postpaid net additions compared to 2022. Full-year 2023 wireless service revenue was $76.7 billion, up 3.2% from 2022. The company's financial performance included a full-year net loss of $2.6 billion, a decrease from the $6.7 billion net income in 2022, primarily due to special items such as a $5.8 billion goodwill impairment charge. Consolidated adjusted EBITDA for the full year was $18.7 billion, an increase from $14.1 billion in 2022. The press release also included financial guidance for 2024, expecting total wireless service revenue growth of 2.0% to 3.5% and adjusted EBITDA growth of 1.0% to 3.0%.
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About Verizon Communications Inc.
Verizon Communications Inc. is a leading telecommunications company that provides a wide array of communication services and products in the United States and globally. As a major player in the telecommunication industry, Verizon's primary function is to deliver wireless communications, broadband, and fiber optic services, aiming to keep people connected across various platforms. The company’s notable features include its extensive 5G and fiber optic network infrastructure, which significantly impacts sectors like technology, media, and consumer communications. It offers services to individual consumers, businesses, and government entities through various channels, including its retail stores and online platforms. Headquartered in New York City, Verizon is crucial in driving innovation in communication technologies and maintaining robust network solutions to meet growing data demands. Its influence extends beyond traditional telecommunication, also impacting emerging fields such as Internet of Things (IoT) and smart cities, helping to shape the future of connectivity.
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