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Higher Prices Driving Verizon Customers Away

Verizon CEO Hans Vestberg

Verizon has the dubious distinction of being the only one of the top three wireless carriers to be losing customers.

Verizon announced its third-quarter results, with the company reporting a net loss of 189,000 postpaid phone subscribers. The company said it was “due to elevated churn partially as a result of recent pricing actions”

According to CNET, Verizon posted similar subscriber losses in the second quarter, to the tune of 215,000. Those loses were similarly the result of increased prices, from raising the price of legacy plans to increasing administrative fees.

The losses put Verizon in an interesting position, as it appears to be the only one of the top three carriers losing subscribers. AT&T gained 708,000 subscribers during this most recent quarter and T-Mobile has similarly continued its growth streak unabated.

Verizon CEO Hans Vestberg painted the subscriber losses as part of Verizon’s attempt to increase profits and operational performance.

“We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there’s still more work to be done,” said Vestberg. “The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business. At the same time, we are focused on executing our 5G strategy, as we are covering every major market and accelerating our C-Band network build. We are on track to reach 200 million POPs within first-quarter 2023.”