Verizon reported total operating revenue of $33.3 billion for Q3, a decrease of 2.6 percent from Q3 2022. Net income was $4.9 billion, a decrease of 2.8 percent from Q3 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.”
Highlights:
- Total broadband net additions of 434,000, representing the fourth consecutive quarter that Verizon reported more than 400,000 broadband net additions. Total broadband net additions included 384,000 fixed wireless net additions, an increase of 42,000 fixed wireless net additions from third-quarter 2022. Verizon now has approximately 10.3 million total broadband subscribers, including nearly 2.7 million subscribers on its fixed wireless service.
- 72,000 Fios Internet net additions, an increase from 61,000 Fios Internet net additions in third-quarter 2022.
- Total wireless service revenue2 of $19.3 billion, a 2.9 percent increase year over year.
- Postpaid phone net additions of 100,000, and retail postpaid net additions of 581,000.
- Total retail postpaid churn of 1.15 percent, and retail postpaid phone churn of 0.90 percent.
- Wireless service revenue increased 2.9 percent year over year. This increase was driven by growth in retail postpaid Average Revenue Per Account (ARPA), partially offset by a decline in retail postpaid phone connections and prepaid connections.
- Total Verizon Business revenue was $7.5 billion in third-quarter 2023, a decrease of 4.0 percent year over year. Lower wireline revenue and lower wireless equipment revenue was partially offset by higher wireless service revenue.
- Business wireless service revenue was $3.4 billion, an increase of 2.9 percent year over year. This growth was driven by continued strong net additions and pricing actions implemented in recent quarters.
- Business reported 330,000 wireless retail postpaid net additions in third-quarter 2023, including 151,000 postpaid phone net additions. This was the ninth consecutive quarter that Business reported more than 125,000 postpaid phone net additions. Business continues to grow volumes and expand its relationships with customers strengthening its position as a wireless market share leader.
