Verizon announced its second-quarter 2024 results, showcasing strong wireless service revenue, significant growth in broadband subscribers, and sustained progress in its three financial priorities: wireless service revenue, consolidated adjusted EBITDA, and free cash flow.
“The sequential and year-over-year improvements in the second quarter were a reflection of operational excellence and the moves we made to bring choice, value and control to our customers’ lives,” said Verizon Chairman and CEO Hans Vestberg. “Our industry-leading network serves as a catalyst for how our millions of customers live their lives, and serves as the backbone for new and emerging technologies. We continue to build and expand on our strengths and successes with new products and services, and we are confident that this upward momentum will position us for future growth."
The company is on track to meet its full-year 2024 financial guidance.
Q2 2024 Highlights: Revenue, Wireless Growth, and CapEx
In the second quarter of 2024, Verizon reported total consolidated operating revenue of USD 32.8 billion, marking a 0.6% increase from the same period in 2023. This growth was driven by higher service and other revenue.
Moreover, the total wireless service revenue for the quarter reached USD 19.8 billion, a sequential rise of over USD 250 million and a 3.5% increase year over year, primarily due to growth in consumer wireless service revenue.
Capital expenditures for the first half of 2024 were USD 8.1 billion, down from USD 10.1 billion in the first half of 2023, indicating a return to historic levels of capital intensity. The telco also ended the first half of 2024 with free cash flow of USD 8.5 billion, up from USD 8 billion in the first half of 2023.
Strong Additions Boost Verizon Business
In the second quarter of 2024, business wireless service revenue reached USD 3.4 billion, reflecting a 2.4% year-over-year increase. This growth was fueled by strong net additions in both mobility and fixed wireless segments, along with the benefits of recent pricing actions.
The company committed USD 100 million dollars to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers.
Reportedly, the business segment had 268,000 wireless retail postpaid net additions during the quarter, including 156,000 postpaid phone net additions, the highest since the fourth quarter of 2022. The company saw sequential improvement in phone net additions across its small and medium business, enterprise, and public sector customers.
During Q2 2024, Verizon Business and Monarch Tractor, creators of the MK-V, the world’s first fully electric and autonomous smart tractor, partnered to promote sustainable farming practices by leveraging autonomous tractors connected through Verizon’s network.
Furthermore, Verizon Business has introduced a comprehensive smartphone management solution – Verizon Business Complete – designed to streamline operations and alleviate concerns for business owners and their IT teams.
Another accomplishment this quarter is Verizon Public Sector being selected for a 10-year contract by the Department of the Navy to provide wireless devices and services through the Wireless and Telecommunications Services contract vehicle (Spiral 4).
Additionally, the business segment reported 160,000 fixed wireless net additions, marking the highest quarterly result to date.
Notably, Verizon has been named a Gold Verified Peering Provider, the highest designation assigned to internet service providers (ISPs) who can provide connectivity to Google services, during Q2 2024.
Related News During Q2 2024:
Q1 Performance Positions Verizon for Growth and Profitability in 2024
Verizon Partner Solutions: The Customer Experience
Verizon's 2024 DBIR: Vulnerability Exploitation Behind Surge in Breaches
