Verizon Says Network Is “Holding Up Strong” Amid California Wildfires

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2.7 million Fios TV subscribers were reported by Verizon during the final quarter of 2024, marking a decrease from the 2.9 million subscribers they had in the same timeframe the previous year.

In Q4 of 2023, the company initially posted a loss of $0.64, but subsequently reported earnings per share of $1.18. This improvement was reflected in the adjusted earnings per share, which were $1.10 compared to $1.08 from the same quarter the previous year.

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After reporting a loss of $0.64 for Q4 of 2023, the company later announced earnings per share of $1.18. The adjusted earnings per share were $1.10 in this quarter compared to $1.08 during the same period last year.

Total operating revenue came in at $35.7 billion, up 1.6 percent compared to fourth-quarter 2023.

In the final quarter of 2024, our total income after all deductions came to $5.1 billion – quite a change from the net loss of $2.6 billion in the same period last year (fourth-quarter 2023). As for our consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA), it was $11.9 billion in Q4 of 2024 compared to $11.7 billion a year earlier.

(Note: Consolidated net income is the total earnings of a company after all deductions have been made, and EBITDA is a measurement of a company’s profitability that analysts use to determine its financial performance.)

In the final quarter, the company gained an additional 408,000 broadband users, bringing their total user base to a milestone of 10 million.

In September, Verizon unveiled plans to purchase the fiber broadband firm, Frontier, for approximately $20 billion in cash. It’s anticipated that this deal will be finalized by early 2026, assuming it receives necessary regulatory consent first.

Frontier currently serves approximately 2.2 million fiber-optic internet users across 25 different states. Verizon, in turn, has announced intentions to expand their fiber network to an additional 2.8 million sites nationwide by the year 2026.

In reaction to the California wildfires, Verizon officials stated that their crisis management unit has been collaborating with federal, state, and local emergency services and emphasized that the Verizon network is remaining robust.

Verizon’s network is maintaining its strength, ensuring vital connections for neighborhoods, businesses, and emergency services. Our engineers have been tirelessly working to restore nearly all of the affected macro cell sites, and we remain committed to supporting our employees, customers, and communities in Los Angeles,” Verizon Chairman and CEO Hans Vestberg stated during the earnings call.

The business is growing its AI environment by introducing a fresh service known as AI Connect, an assortment of solutions and goods intended to aid companies in efficiently managing large-scale artificial intelligence tasks. Some of the initial users include Google Cloud and Meta.

Utilizing the superior nationwide network, we are delivering top-tier experiences to our customers in both daily life and work. Our personalized services such as myPlan, myHome, Verizon Business Complete and Total Wireless provide the convenience, ease, and affordability our customers have come to rely on. This year and beyond, we will further improve with the upcoming Frontier acquisition, new satellite collaborations, and ongoing AI advancements, which we anticipate will expand and upgrade our network for all of our clients.

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2025-01-24 17:55