Today, Verizon Wireless announced its 3rd quarter earnings for 2023. With that, they announced total revenue of 33.33 billion, a drop of about 2.6% compared to the 3rd quarter of 2022. Verizon lost 78,000 Fios TV customers as Verizon continued to move away from TV and shift customers over to YouTube TV.
Verizon added more than 434,000 broadband customers, including 384,000 5G wireless home internet customers. This is great news for Verizon’s hope to grow its home internet service by offering 5G home internet. Over all Verizon saw broadband adds jump 11.8% compared to the same period in 2022.
“We continued to make steady progress in the third quarter with a clear focus on growing wireless service revenue, delivering healthy consolidated adjusted EBITDA and increasing free cash flow,” said Verizon Chairman and CEO Hans Vestberg. “Our financial discipline, combined with our healthy balance sheet, enabled us to increase our dividend for the 17th consecutive year, which is the longest current streak of dividend increases in the U.S. telecom industry.”
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.
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 50,000 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.