Verizon’s total consolidated operating revenue for the third quarter of 2022 was $34.2 billion, up 4% from the previous year’s similar quarter. The total wireless service revenue recorded a YoY growth of 10%, primarily driven by the company's ownership of TracFone, continued effectiveness in its premium Unlimited strategy and ongoing strength in Business volumes. Yet, there has been a YoY decrease of 23.3% amounted to the company’s net income of $5 billion.
Similar to its Q2 2022 strong wireless momentum, the total Verizon Consumer revenue was $25.8 billion, an increase of 10.8% year-over-year, driven by wireless service revenue growth and higher equipment revenue. Moreover, the wireless service revenue also increased by 11%. The consumer segment also reported 234,000 fixed wireless net additions and 58,000 Fios Internet net additions in the third quarter of 2022.
On the business side, revenue was at $7.8 billion during Q3 2022, a YoY increase of 2%. Business wireless service revenue was $3.3 billion, increasing 5.7% due to pricing actions and continued growth in the customer base.
Notably, this was the fifth consecutive quarter that the B2B segment reported more than 150,000 postpaid phone net additions. Global Enterprise also delivered its best-ever phone net addition performance, and Small and Medium Business and Public Sector both reported year-over-year double-digit phone gross addition growth.
During the latest Q3 2022 earnings call, Hans Vestberg, Verizon Communications Inc., Chairman & CEO expressed: “The actions we have taken are showing progress, but there's more work to be done. Our priorities through the end of the year and into 2023 are straightforward: continue our traction in Consumer wireless through the holiday season and into 2023; maintain and grow our momentum in fixed wireless access and Business wireless; implement the initial framework of a cross-functional efficiency program and improve our working capital efficiencies; and finally, continue our measured and strategic approach to the market with financial discipline and increased momentum for the quarters to come.”
