Verizon Adds More Subscribers Than Expected, Driven by Customizable Plans

Verizon Communications exceeded analyst expectations for wireless subscriber additions in the second quarter of 2023. The company added 148,000 net monthly bill-paying wireless phone subscribers, driven by strong demand for its flexible “myPlan” offering. The plan, launched in May 2022, allows customers to customize their service and includes discounted streaming services, making it a competitive option against rivals AT&T and T-Mobile. Despite the subscriber growth, Verizon’s revenue of $32.8 billion fell short of analyst estimates of $33.06 billion. The company’s consumer business saw an improvement compared to the previous year, with only 8,000 wireless retail postpaid phone net losses in Q2, compared to 136,000 losses in Q2 2022. Analysts anticipate a potential increase in phone upgrades later this year with the release of new Apple iPhones. Verizon’s stock was down about 1% in pre-market trading, despite the positive subscriber figures. The company’s stock price has risen 10% so far this year.