Verizon was hemorrhaging subscribers until unlimited data launched
The company lost a whopping 307,000 wireless customers in the first quarter.
In the first six weeks of the year, Verizon lost almost 400,000 wireless customers, according to its latest earnings report. However, before that unlimited plan promo, Verizonlost an approximately 400,000 regular monthly phone customers.
According to the company, revenue dropped from $32.17 billion in the same period a year ago to $29.81 billion, missing analysts' estimates of $30.77 billion.
Verizon's total turning revenues, including all the recorded wireline services, were $29.8 billion in the first quarter.
As growth in the wireless industry began to slow, wireless carriers gave away tablets to juice subscriber metrics.
Ellis noted that churn rose in the first half of the quarter but came down in response to the relaunch of unlimited plans. Prices for wireless telephone services fell 11.4% in March from a year earlier, after a 7% decline in February. Much of that came at the expense of AT&T, which lost 1.2 million previous year.
For years, Verizon has been able to continue to add customers, even as carriers like T-Mobile and Sprint have offered comparable plans at rock bottom prices with free phone deals and other gimmicks.
The deal brings to Verizon Yahoo's more than 1 billion users and a wealth of data it can use to offer more targeted advertising. Verizon blamed the decline on a drop in revenue received from overages, the cost of promoting the business, and a decline in the number of postpaid customers.
Verizon has been able to retain customers thanks to its high-quality network. Verizon's main competitor AT&T Inc. plans to diversify its business through an $85.4 billion acquisition of Time Warner Inc. and has already purchased satellite TV company DirecTV. Verizon Wireless discovered they absolutely do, as confirmed in the carrier's financial results for Q1 2017, released today.
The company has also explored bigger transactions, including with Charter Communications Inc., The Wall Street Journal has reported, though executives have recently signaled the two sides are far apart.
According to Thomson Reuters I/B/E/S, analysts had expected adjusted earnings per share of 99 cents and revenue of $30.77 billion. "We're executing on strategies to capture future growth and create long-term shareholder value", he said.
In first-quarter 2017, Verizon added a net of 35,000 Fios Internet connections and lost a net of 13,000 Fios Video connections.
Shares of Verizon fell 53 cents, or 1 percent, to close Thursday at $48.41. Something seems to have changed in 2017, though, as the company just reported what may be their worst quarter ever, a quarter that was actually on pace to be even worse if not for the introduction of Verizon Unlimited.
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