Today, Verizon Wireless announced its 4th quarter earnings for 2023. With that, they announced total revenue of 35.1 billion, a drop of about 0.3% compared to the 4th quarter of 2022. Verizon lost 62,000 Fios TV customers as Verizon continued to move away from TV and shift customers over to YouTube TV.
Verizon added more than 284,000 broadband customers, including 231,000 5G wireless home internet customers. This is great news for Verizon’s hope to grow its home internet service by offering 5G home internet. Overall, Verizon saw broadband ads jump 14.6% compared to the same period in 2022.
“After delivering continuous improvement throughout 2023, we ended the year strong and continue to pursue the right balance of growth and profitability,” said Verizon Chairman and CEO Hans Vestberg. “2023 was a year of change. We have the right assets and the best team in place and are well-positioned for growth in 2024.”
This comes as Verizon raised the price of its 5G Home Internet service $10 a month for new customers. This move seems to be an effort to help drive up revenue but has also slowed down the growth of its 5G Home Internet subscriptions.
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.
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Correction: We updated this story to correctly list the number of TV customers lost by Verizon. We apologies for the typo.