Verizon boosted by FWA broadband but loses pay TV subs

US telco Verizon saw strong growth in its wireless and fixed broadband base in Q4, but continued to lose pay TV customers.

Verizon grew its broadband base by about 14.6% over the same period in 2022, with growth fuelled by fixed-wireless access, where it grew its base from 884,000 last year to 1.866 million at year-end.

The fixed-wireless access numbers mean that Verizon is ahead of its planned growth trajectory at launch of this product three years ago, when it set a target of reaching four to five million customers by the end of 2025.

Verizon’s overall fixed broadband base grew to 9.056 million, including 7.19 million wireline broadband users, up 2.5%.

As with other US service providers, TV subscribers continue to drop. Verizon lost 64,000 Fios pay TV customers, taking its total to 2.951 million, down 8.8% year-on-year. Fios internet customers grew by 3.5% to 6.976 million, on the other hand.

Postpaid wireless retail customers were up 7.6% year-on-year to 93.85 million, with pre-paid customers down 6.8% to 21.122 million, leaving the overall base more or less flat.

However, Verizon saw an acceleration of post-paid wireless adds in Q4, with 1.168 million net additions more than offsetting 289,000 pre-paid losses.

Overall operating revenues were flat at US$35 billion for the quarter, with operating income down 91.7% to US$600 million.

CEO Hans Vestberg said the company had ended the year “with a strong fourth quarter” and had built “a solid foundation” for “future success”.