Verizon reported its second-quarter and half-year 2022 results with a relatively flat consolidated operating revenue of $33.8 billion and a decline of 10.7% in net income, valued at $5.3 billion during Q2 2022.
"Although recent performance did not meet our expectations, we remain confident in our long-term strategy,” said Verizon Chief Financial Officer Matt Ellis. “We believe that our assets position us well to generate long-term shareholder value."
Despite having wireline revenue declines as well, the total wireless service revenue had grown by 9.1% year-on-year. This reflects the company's ownership of TracFone, further progress on its premium unlimited strategy and its strong business volumes.
There is strong wireless demand across all Verizon Business customer groups, with postpaid phone net additions of 227,000. Moreover, there are 256,000 fixed wireless access (FWA) net additions in Q2 2022, up by 32% compared to the previous quarter while consumer FWA net additions are up by 50% Q/Q.
It is worth noting that Verizon has been recognized as the “Most Awarded Brand for Wireless Network Quality” for the 29th consecutive time by J.D. Power.
Having an extensive 5G Ultra Wideband coverage, the C-band spectrum usage is up by 233% compared to the previous quarter. Customers have been adopting 5G at a rapid rate, with 47% of the consumer postpaid phone customer base now using 5G.
"As the market leader, in a very competitive industry, we are determined to improve our operational and financial performance for the second half of the year,” said Verizon Chairman and CEO Hans Vestberg. "With our network-as-a-service foundation, our new consumer mobility plans, and recent pricing actions, we are being deliberate in our decisions to improve our profitable growth opportunities today and into the future."