In its heyday, the AT&T Bell System ran ads with the tagline: “The System is the solution!” During his company’s 2Q22 earnings call on Friday, Verizon (NYSE: VZ) Chairman and CEO Hans Vestberg echoed similar sentiments. Vestburg reiterated several times his confidence that Verizon’s current and planned wireless and broadband networks will deliver long term growth and profitability. This confidence seemed at odds, however, with the company’s 2Q22 results that showed weak gains in consumer postpaid net adds and significant losses in prepaid net adds, resulting in flat to down quarter-to-quarter wireless service revenues.
Verizon certainly is feeling the effects of weak consumer demand due to inflation and competition. The company’s consolidated service revenues were $27.1 billion for the quarter, flat sequentially with 1Q22 and down 4 percent year-over-year from $28.2 billion in 2Q21. Similarly, consolidated Adjusted EBITDA for 2Q22 was $11.9 billion, down over one percent QtQ and down nearly 3 percent YoY from $12.2 billion. Continue Reading |
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