Latest news with #5GGetMore
Hindustan Times
03-05-2025
- Business
- Hindustan Times
Verizon lost nearly 290,000 customers in just 3 months — But why are so many leaving?
Verizon, the American telecommunications company, revealed its 2025 Q1 data last week and it showed a loss of 289,000 postpaid phone customers in a single quarter, The Street reported. The postpaid phone customers are on Verizon's myPlan plans and are not the same as those subscribed to prepaid plans. The postpaid customers are more important to the wireless carriers as they subscribe for longer periods with a carrier, carry phone payment plans, and are the most reliable and steady. Losing postpaid customers is a risky move, especially if it's about 300,000 customers we're talking about. On the other hand, AT&T reported that they've added 324,000 postpaid customers in Q1 of 2025. Similarly, T-Mobile has reportedly been adding more postpaid customers, which won't change in the coming years, as their prices are considerably affordable and don't bug the customers. The company seems to be aware that the price increases have not helped, as their CFO, Tony Skiadas, said 'Our consumer postpaid phone net losses… reflect the impact of recent pricing actions.' Verizon started the price hikes last year by raising prices on older plans like 5G Get More, 5G Play More, 5G Do More, and 5G Start unlimited plans. However, they followed that by only allowing full autopay discounts to come from bank accounts. Further on, they raised smartwatch plan prices and then put a fresh reduction on autopay discounts for older plans by the end of 2024. This year, they raised the price of insurance for myPlan customers with 5 lines or more. As per their Q1 data, customers are not too fond of these changes to their plans. One would also argue that their speeds are not up to the mark – compared to T-Mobile's network coverage and lightning speeds. On the other hand, Verizon has been gaining prepaid customers – adding 137,000 customers in this quarter itself.
Miami Herald
25-03-2025
- Business
- Miami Herald
Verizon makes a desperate move to lure back fleeing customers
Verizon (VZ) appears to have developed a tense relationship with some of its customers over the past few months. The phone carrier has made it clear that it isn't afraid to continuously increase prices for its services, which has frustrated customers who are sick of price hikes. Get expert insights and actionable trade alerts from veteran investing experts and hedge fund managers. Join TheStreet Pro today and get the first month FREE In March last year, it increased the monthly price of its 5G Start, 5G Play More, 5G Get More, and 5G Do More unlimited mobile plans by $4. Related: Verizon raises red flag about concerning customer behavior By October, it reduced its autopay discount from $10 to $5 monthly for customers on older phone plans. Then, in December, it raised its monthly Administrative and Telco Recovery Charge for mobile users by $0.20 per line. In January, Verizon kicked off the new year by hiking monthly prices for wireless customers with myPlan and New Verizon Plan accounts due to "rising operational costs." Also, just last month, Verizon added a brochure on its website warning customers with four to 20 lines that the monthly price of its Verizon Mobile Protect Multi-Device plan and Verizon Mobile Secure Multi-Device plan will increase by $8 on March 27. Amid these changes, many Verizon customers took to social media to air their frustrations about price increases, with some threatening to switch phone providers. Now, it appears that some of those customers may have followed through with their promise to cut ties with the company, as Verizon is now rolling out a new offer to win them back. Bloomberg/Getty Images A T-Mobile customer, who recently switched from Verizon, took to Reddit to reveal that Verizon has repeatedly been notifying them that they are eligible for a new promotion that offers them $500 in bill credits, which will be dispersed within a period of 36 months if they switch back to Verizon. This translates to a $14 discount per bill and only applies to customers who add their own phone to a myPlan account. "Verizon sent me this offer 4 times in the past 2 weeks," wrote the T-Mobile customer in a Reddit post. "This is all it says. It doesn't have any terms and details on the offer letter. I call just to see anyways. The rep was like 'yea this is a great offer you're eligible for.' But here's the kicker… the $500 is given to me in bill credits over 36 MONTHS! Haha. I literally laughed and told him that's a horrible deal to switch back. He also said I was eligible for a new free line if I come back and buy a new phone." Some Reddit users, who claim to be former Verizon customers, responded to the post, agreeing that the deal wasn't good enough to make them switch back to the company. View the original article to see embedded media. More Retail: Target's latest policy change sparks massive boycott threatBounty, Tide, Dawn owner issues stern warning about its pricingGameStop makes a drastic move amid weak sales View the original article to see embedded media. The move from Verizon comes after T-Mobile rolled out deals over the past few weeks (shortly after it also hiked prices) offering select wireless customers free voice lines. Verizon recently ended 2024 on a good note by earning $27.6 billion in total consumer revenue during the fourth quarter of 2024, a 2.2% increase compared to the same period in 2023. Its wireless service revenue also spiked by 3% year-over-year, which it claims was mainly due to recent "pricing actions." However, the phone carrier warned its investors in a recent Securities Exchange filing that it expects postpaid phone gross additions in the first quarter of this year to either remain flat or slightly decline, compared to the same quarter in 2024. Related: T-Mobile hopes to win back angry customers with generous offers While speaking at the Deutsche Bank conference on March 11, Verizon Chief Revenue Officer Frank Boulben said the company has been experiencing softer demand this year due to heightened competition. "It's been a challenging quarter from a competitive intensity standpoint," said Boulben. His comments follow Verizon Consumer Group CEO Sowmyanarayan Sampath's statement during an earnings call in January that customers "feel very comfortable" with the company's prices. "We had four major price-ups in 2024, we've had two in 2025, because we are delivering more value to our customers, and they feel very comfortable with our price structure," said Sampath. He also said that Verizon has already earned over $1 billion from those recent price increases. "We cannot, of course, comment on future price-ups, but we will look where we see lower churn, where input prices are a little higher, and more importantly, the value that we deliver to customers," said Sampath. "For 2025, the price actions that we've already done are in the hopper. More than $1 billion-plus of our service revenue growth is already baked in just with those price-ups." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
