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Verizon loses 62,000 Fios TV customers, sees gains in fixed wireless broadband

Verizon Home Internet, which works on the company's 5G network, crossed the 3 million customer mark for the first time.

Verizon Home Internet, which works on the company's 5G network, crossed the 3 million customer mark for the first time.

A Verizon sign in front of a retail store in downtown Portland, Oregon. (Photo by Matthew Keys for The Desk)
A Verizon sign in front of a retail store in downtown Portland, Oregon. (Photo by Matthew Keys for The Desk)

Verizon shed around 62,000 Fios TV customers and 4,000 Fios broadband Internet accounts during its fourth financial quarter of 2023 as the company pushes customers toward streaming services and fixed wireless Internet products for their video and connection needs.

The figures were released as part of Verizon’s Q4 2023 earnings results, which showed the company took in around $18.927 billion across its services division, which includes Verizon’s flagship wireless phone and home Internet products as well as Fios land-based TV and Internet solutions.

Operating revenue from Verizon’s services business was up 2.6 percent on a year-over basis, with total operating revenue clocking in at $26.954 billion, an increase of 0.4 percent.

Verizon added around 413,000 broadband customers during Q4 and about 1.7 million throughout 2023, with around 375,000 customers signing up for Verizon Home Internet, a low-cost fixed wireless broadband product that relies on the company’s 5G network. When paired with an eligible wireless phone plan, Verizon Home Internet costs as little as $50 per month, and customers are not charged installation or equipment rental fees. Verizon said its fixed wireless internet topped 3 million customers during Q4.

At Verizon Fios, the company ended the year with 6.976 million Fios Internet customers, an increase of 3.5 percent compared to 2022. Around 2.951 million Fios customers pay for TV service through Verizon, a figure that was down 8.8 percent compared to the end of 2022, the company said.

In 2019, Verizon inked a deal with Google-owned YouTube that saw the company resell access to YouTube TV to its wireless and Fios customers. Last year, Verizon extended that pact with Google by offering free access to YouTube TV’s NFL Sunday Ticket package if they bundled the service with an eligible Gig-speed Internet plan through Fios.

On the wireless side, Verizon added 318,000 net postpaid phone customers and over 1.168 million net postpaid lines during Q4, with its wireless postpaid lines seeing a 19.3 percent increase when compared to Q4 2022. The company ended 2023 with 93.8 million postpaid connections, an increase of 2.2 percent.

Verizon’s prepaid division, which includes the Straight Talk, Visible and Total by Verizon brands, shed 289,000 net customers during Q4, a dip of 65.1 percent. Verizon ended the year with 21.122 million prepaid connections, down 6.8 percent.

Overall, Verizon generated $35.1 billion in total revenue during Q4, a slight decrease from the $34.6 billion reported at the end of 2022, but in line with Wall Street expectations. Shares in Verizon increased 5 percent during the trading day, priced just north of $42 per share as of 3 p.m. Eastern Time.

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About the Author:

Matthew Keys

Matthew Keys is the publisher of The Desk and reports on the business and policy matters involving the broadcast television, streaming video and radio industries. He previously worked for Thomson Reuters, Disney-ABC, Tribune Broadcasting and McNaughton Newspapers. Matthew is based in Northern California, has won numerous awards in the field of journalism, and is a member of IRE (Investigative Reporters and Editors).