Verizon Lost 84,000 Pay TV Subscribers in Q1 2020 Due to Cord Cutting

Verizon has released their Quarter 1 earnings results. In a news release this morning, Verizon reported that it lost a net 84,000 Fios customers last quarter. The company said the loss was “reflecting the ongoing shift from traditional linear video to over-the-top offerings.”

Offsetting the loss, Verizon also reported 59,000 Fios internet customer additions for the quarter. The company said that the increase in those working from home and homeschooling increased the demand for high speed internet, helping to boost its broadband additions for the quarter.

“We will emerge from this crisis stronger, knowing we provided critical connectivity to our customers, and especially our first responders, while maintaining our commitment to investing in our 5G and Fiber strategies,” said Chairman and CEO Hans Vestberg in a statement this morning. “We are particularly proud of our employees who continue to deliver essential services to our customers and those on the front lines so they can serve others.”