Verizon Communications reported on Monday that it added more wireless subscribers than anticipated in the second quarter
The company attributed this increase to the strong demand for its flexible plans, which include streaming services such as Disney+ and Netflix at discounted prices.
Visible Alpha reports that the telecommunications company’s addition of 148,000 net monthly bill-paying wireless phone subscribers from April to June exceeded analysts’ projections of 127,870. In the preceding quarter, it experienced a decrease of 68,000 subscribers.
Verizon’s myPlan, introduced in May last year, enables customers to pay for only the required services. This feature has facilitated the company’s ability to more effectively compete with AT&T and T-Mobile US in the tightly regulated U.S. telecommunications market.
Verizon also collaborated with streaming services to provide promotional bundles from platforms such as Netflix, Warner Bros. Discovery’s Max, and Disney services.
In March, the cost of certain older plans increased to encourage consumers to transition to the new ones.
In the most recent quarter, the company’s consumer division reported 8,000 net losses for wireless retail postpaid phones, a decrease from the 136,000 losses reported a year ago.
Nevertheless, the revenue of $32.8 billion was less than the $33.06 billion projected by analysts, as indicated by LSEG data.
According to analysts, Verizon is experiencing a historically low number of phone upgrades. However, this may alter when Apple releases its most recent iPhones later this year.
Verizon, headquartered in New York, experienced a decline of approximately 1% in premarket trading. The company’s stock price has increased by 10% thus far this year.
