Verizon Expanding Broadband Targets

Verizon in its Q3 earnings presentation Tuesday expanded its goals for fixed wireless subscribers and broadband offerings. “Our ambitious targets for fixed wireless access, combined with our fiber expansion including the planned Frontier acquisition, will bring unmatched broadband coverage to millions more homes and businesses nationwide,” said CEO Hans Vestburg in a release. Verizon’s total consolidated operating revenue in Q3 was $33.3 billion, “essentially flat compared to third-quarter 2023,” said an earnings release. Verizon said revenue growth was offset by declines in wireless equipment revenue in 2024. Vestburg said the company increased fixed wireless subscribers by nearly 57% as compared with Q3 2023, achieving 4.2 million subs 15 months earlier than expected. The company expects by 2028 to reach 8 million to 9 million fixed wireless subscribers and provide coverage to 90 million households. Verizon President-Global Networks and Technology Joe Russo said Tuesday that the expanded goals were not dependent on broadband, equity, access and deployment BEAD program funding. BEAD availability “won’t rock the boat,” added Vestburg. After its proposed acquisition of Frontier, Verizon will bring in an additional 9 million to 10 million fiber passings, and is aiming at reaching more than 30 million passings by 2028, Russo said. “Frontier’s consumer fiber network can be immediately and seamlessly integrated upon closing directly into Verizon’s award-winning Fios network,” the release said. Vestburg said Tuesday that he doesn’t anticipate M&A beyond the Frontier acquisition, and doesn’t expect big industry shakeups requiring large capital expenditures -- such as spectrum auctions -- anytime soon. “I don’t have visibility on anything like that at the moment."