Verizon reported Q4 2023 total operating revenue of $35.1 billion, a decrease of 0.3 percent from fourth-quarter 2022. Earnings per share was $(0.64), compared with earnings per share of $1.56 in fourth-quarter 2022; adjusted EPS, excluding special items, of $1.08, compared with $1.19 in fourth-quarter 2022. The decrease can be attributed to wireless equipment revenue, which was 2.0 percent lower than 2022, as total postpaid upgrades declined by 17.9 percent.
Full-year 2023 consolidated operating revenue was $134.0 billion, down 2.1 percent year over year.
“After delivering continuous improvement throughout 2023, we ended the year strong and continue to pursue the right balance of growth and profitability,” said Verizon Chairman and CEO Hans Vestberg. “2023 was a year of change. We have the right assets and the best team in place and are well-positioned for growth in 2024.”
Total Broadband:
- Total broadband net additions of 413,000, represented the fifth consecutive quarter that Verizon reported more than 400,000 broadband net additions. Total broadband net additions included 375,000 fixed wireless net additions, bringing the subscriber base to over 3 million. In fourth-quarter 2023, more than 80 percent of Consumer fixed wireless gross additions were in Verizon’s first 76 C-Band markets. Verizon is ahead of schedule to achieve its goal of 4 to 5 million subscribers by the end of 2025. 55,000 Fios Internet net additions, down 4,000 from the fourth-quarter 2022. 10.7 million total broadband subscribers as of the end of fourth-quarter 2023.
Total Wireless:
- Total wireless service revenue of $19.4 billion, a 3.2 percent increase year over year. Retail postpaid phone net additions of 449,000, and retail postpaid net additions of 1,460,000. Retail postpaid churn of 1.18 percent, and retail postpaid phone churn of 0.93 percent. Consumer wireless service revenue in fourth-quarter 2023 increased 3.2 percent year over year driven primarily by growth in Consumer wireless postpaid Average Revenue Per Account (ARPA) resulting from pricing actions implemented in recent quarters, the larger allocation of administrative and telco recovery fees from other revenue into wireless service revenue, higher premium price plan adoption, and growth from fixed wireless access offerings. For full-year 2023, total Consumer wireless service revenue was $63.4 billion, an increase of 3.0 percent from full-year 2022.
Verizon Business results
- Total Verizon Business revenue was $7.6 billion in fourth-quarter 2023, a decrease of 3.6 percent year over year as lower wireline revenue and lower wireless equipment revenue was partially offset by higher wireless service revenue. For full-year 2023, total Business revenue was $30.1 billion, a 3.1 percent decrease year over year. Business wireless service revenue in fourth-quarter 2023 was $3.4 billion, an increase of 3.0 percent year over year. This was driven by the larger allocation of administration and telco recovery fees from other revenue into wireless service revenue, continued strong net additions and the benefit of pricing actions implemented earlier in the year. Full-year 2023 Business wireless service revenue was $13.4 billion, an increase of 4.1 percent compared to full-year 2022. Business reported 292,000 wireless retail postpaid net additions in fourth-quarter 2023, including 131,000 postpaid phone net additions. This was the 10th consecutive quarter that Business reported more than 125,000 postpaid phone net additions. Business continues to grow volumes and expand its relationships with customers strengthening its position as a wireless market share leader.