Verizon reported total operating revenue of $32.6 billion, a decrease of 3.5 percent from second-quarter 2022, however, total wireless service revenue grew 3.8 percent to $19.1 billion. Net income was $4.8 billion, a decrease of 10.3 percent from second-quarter 2022, and consolidated adjusted EBITDA of $12.0 billion, up 0.8 percent year over year.
Some highlights
Total Broadband:
- Total broadband net additions of 418,000, reflecting a strong demand for fixed wireless and Fios products. This result included 384,000 fixed wireless net additions, an increase from 256,000 fixed wireless net additions in second-quarter 2022. This is the third consecutive quarter that Verizon reported more than 400,000 broadband net additions. Verizon now has nearly 2.3 million subscribers on its fixed wireless service.
- 54,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022.
Total Wireless: - Total wireless service revenue3 of $19.1 billion, a 3.8 percent increase year over year.
- Postpaid phone net additions of 8,000, and retail postpaid net additions of 612,000. Total wireless postpaid phone gross additions increased 2.0 percent year over year, primarily driven by a 6.9 percent year over year growth in Consumer postpaid phone gross additions.
- Total retail postpaid churn of 1.07 percent, and retail postpaid phone churn of 0.83 percent.
“In the second quarter, we showed progress in our key priorities of growing wireless service revenue, delivering healthy consolidated adjusted EBITDA, and increasing free cash flow,” said Chairman and CEO Hans Vestberg. “We look forward to extending our network leadership in the second half of the year by continuing our rapid C-Band deployment as we are laser focused on providing value to our customers. The steps that we have taken to improve our operational performance are working, and we are confident that we will achieve our financial targets for the full year.”
- Total Verizon Business revenue was $7.5 billion in second-quarter 2023, a decrease of 1.9 percent year over year. Growth in wireless service revenue was more than offset by lower wireline revenue and lower wireless equipment revenue.
- Business wireless service revenue was $3.4 billion, an increase of 5.3 percent year over year. This growth was driven by continued strong net additions and pricing actions implemented in recent quarters.
- Business reported 308,000 wireless retail postpaid net additions in second-quarter 2023, including 144,000 postpaid phone net additions. This was the eighth consecutive quarter that Business reported more than 125,000 postpaid phone net additions.