Reuters
Verizon Profits Drop 23% as Pricing Plans Lose Subscribers
Verizon Communications Inc posted a 23% drop in third-quarter earnings and lost market estimates for wireless subscriber additions Friday, as many customers opted for cheaper plans than rivals AT&T Inc and T-Mobile US Inc. Subscribers to its consumer business in the quarter after the US carrier raised the prices of its plans in June through additional fees, which were higher than its already higher-priced plans. While the company benefited from a 1% increase in total wireless additions (in the consumer business) in the quarter, Chief Financial Officer Matt Ellis told Reuters, this was offset by an “increase in outage as it caused some customers to lose connectivity as a result of pricing actions.” that we have taken.”
Originally published at San Jose News Bulletin
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