Verizon CEO Hans Vestberg took umbrage at an analyst’s suggestion the operator may be running out of spectrum to fuel continued network growth, arguing there is more to delivering services than simply securing the right frequencies.
On a call to discuss Q4 earnings, the executive slated talk of a spectrum shortage, reiterating the operator has “all the assets to deploy our 5G strategy”. He explained spectrum “is not the only thing needed to do a great network,” pointing to densification and software as two other key components.
Vestberg added Verizon “definitely” plans to use new 3.5GHz spectrum being released by regulator the Federal Communications Commission, and said access to C-Band (3.7GHz to 4.2GHz) will be key for 5G and global roaming in future: “it’s very important for Verizon to get into that”.
During Q4, Verizon added 1.2 million new post-paid connections in total, some 790,000 of which were phone subscribers. The latter figure was up from 653,000 in Q4 2018 and marked the operator’s best quarterly contract phone additions in six years.
Net profit increased from $2 billion in Q4 2018 to $5.1 billion, though the prior figure included a $4.6 billion charge related to a write-down in the value of its media business. The division took another hit in the recent quarter, as Verizon recorded a $236 million goodwill impairment charge.
Wireless revenue grew 3.5 per cent year-on-year to $25.3 billion, driven by a 2.7 per cent increase in service revenue to $16.3 billion. Overall revenue increased 1.4 per cent to nearly $34.8 billion.Subscribe to our daily newsletter Back