Verizon’s ongoing fiber and wireless broadband build efforts resonated in the first quarter of 2024 as the telco reported overall growth across both segments.
Broadband net adds were 389,000, including 53,000 Fios Internet net adds.
As of the end of the quarter, Verizon had 11.1 million broadband subscribers, including 3.4 million fixed-wireless subscribers. Verizon added more than 3 million broadband subscribers in the last two years.
Fios internet net additions were 53,000, down from 67 thousand in the prior year. However, total broadband net additions for the first quarter were 389,000 compared to 437,000 the previous year. FWA net additions were 354,000, down from 393,000 in the prior year.
Like other providers, a slower housing market impacted Verizon's broadband additions. “We're pleased with how Fios continues to grow in the marketplace, even as move activity across the country remains lower than in prior years,” said Anthony Skiadas, Verizon Communications' EVP and CFO.
FWA momentum grows
Verizon’s fixed wireless access (FWA) momentum continued to grow during the first quarter.
Fixed wireless revenue for the first quarter of 2024 was $452 million, up $197 million from the prior year period.
The service provider saw FWA growth across the consumer and business markets. It added 203,000 consumer FWA customers and 151,000 business FWA customers. While consumer FWA additions were down 53,000, business FWA net additions were up by 14,000 year over year.
“Fixed wireless access has turned out to be a large and growing opportunity,” said Hans Vestberg, CEO of Verizon. “This is now a meaningful piece of our business. We knew that fixed wireless access would be a hit with consumers who like its quality, reliability, and easy setup.”
He noted that “businesses are showing similar excitement as this was our biggest quarter-to-date for the net adds in business fixed wireless access with 151,000 setting our new high.”
Broadband net adds ahead
Looking forward, Verizon foresees consumer broadband customers' growth ahead.
Vestberg said that he expects this year's consumer net additions to be positive.
“The team is, of course, doing quite well right now,” he said. “We are 100,000 better in the first quarter here on net adds.”
He added, “We have a great product that resonates with the market, and they will continue to execute well on that.”
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