Today, Verizon Wireless announced its 2nd quarter earnings for 2024. With that, they announced total revenue of 35.1 billion, a drop of about 0.3% compared to the 2nd quarter of 2022.
Verizon added more than 378,000 5G wireless home internet customers in the 2nd quarter of 2024. This is great news for Verizon’s hope to grow its home internet service by offering 5G home internet. This brings Verizon to 3.8 million 5G Home Internet customers up 69% year over year. Revenue from 5G Home Internet jumped to $514 million up more than $200 million year over year.
This comes as Verizon ended the quarter down to just 2.818 million TV customers, down 8.8% year over year. Verizon also added Fios Fiber Internet customers up 2.8% year over year to over 7 million customers.
“The sequential and year over year improvements in the second quarter were a reflection of operational excellence and the moves we made to bring choice, value and control to our customers’ lives,” said Verizon Chairman and CEO Hans Vestberg. “Our industry-leading network serves as a catalyst for how our millions of customers live their lives, and serves as the backbone for new and emerging technologies. We continue to build and expand on our strengths and successes with new products and services, and we are confident that this upward momentum will position us for future growth.”
This comes as Verizon raised the price of its 5G Home Internet service $10 a month for new customers last year. This move seems to be an effort to help drive up revenue and customers continue to switch over to 5G Home Internet looking for cheaper options.
Verizon is continuing to see 5G Home Internet become a main focus of its broadband plans as Fiber and other internet services only accounted for 53,000 of its new broadband customers. This comes as many cord cutters are looking to join the Cord Cutting 2.0 movement by ditching their cable internet for cheaper home internet options. This continues to put pressure on Comcast and Spectrum internet services.