Verizon is riding a wave of success in the broadband market, fueled by the explosive growth of its 5G Home Internet service. The company announced impressive third-quarter 2024 results, exceeding expectations and demonstrating the increasing popularity of fixed wireless access.
Verizon added a remarkable 389,000 total broadband net additions in the quarter, marking the ninth consecutive quarter with over 375,000 net additions. This surge was driven by the exceptional performance of its 5G Home Internet service, which alone accounted for 363,000 net additions. This comes as cord cutting 2.0 grows as more people ditch cable TV and move to new internet options.
This strong performance has propelled Verizon past its fixed wireless subscriber target a full 15 months ahead of schedule. The company now boasts over 4.2 million fixed wireless subscribers, highlighting the growing demand for alternative broadband solutions, particularly in areas with limited access to traditional wired connections.
“This has been a pivotal quarter for Verizon, with transformative strategic moves and continued operational excellence. We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range,” said Verizon Chairman and CEO Hans Vestberg. “Our new products — myPlan, myHome and Verizon Business Complete — and our brand refresh are resonating with customers. Through our pending acquisition of Frontier Communications, and our agreement for Vertical Bridge to lease, operate and manage thousands of wireless communications towers, we have set Verizon up for disciplined growth, now and into the future.”
Overall, Verizon’s total broadband connections have climbed to over 11.9 million, a 16% increase year-over-year. This growth is translating into significant revenue, with fixed wireless revenue for the third quarter reaching $562 million, a $215 million increase from the same period last year.
