The largest U.S. wireless carrier said Tuesday that revenue was $34 billion, up 1 percent from a year earlier. The company is also dealing with headwinds from Oath media, which primarily compromises of AOL and Yahoo.
Hans Vestberg, who took over as CEO in August, is moving Verizon away from media and squarely toward new 5G technology that promises to power smart cars and smart homes. The company is two years into a four-year, $10 billion cost-cutting program that eliminated 10,400 jobs through a buyout program and an additional 800 media employees last week. The company said Tuesday it's on track to deliver those savings by 2021.
Matt Ellis, Verizon's chief financial officer, said in an interview that the build-out of the company's proprietary 5G technology is complete in four initial cities. The project gave Verizon bragging rights to being first with commercial 5G service in the U.S.
The company is now expanding with standardized 5G equipment in "several cities" and expects to have at least two 5G phones available to consumers in the first half of this year.
Fourth-quarter earnings, excluding special items, came to $1.12 a share, topping the $1.09-a-share average of estimates.
— Bloomberg News