Verizon CEO sounds alarm on why customers are leaving in droves

Core Insights - Verizon is facing significant customer loss due to recent price hikes, with a reported net loss of 7,000 postpaid phone customers in Q3 2025, leading to a churn rate of 0.91% compared to an addition of 18,000 customers in Q3 2024 [1][5][10] Pricing Changes - Verizon has implemented several price increases for its wireless services throughout 2025, including hikes of $3 to $5 for myPlan and New Verizon Plan accounts, an $8 increase for device protection plans, and a rise in activation fees from $35 to $40 [7][8][10] Customer Experience and Retention - The new CEO, Dan Schulman, identified four main reasons for customer attrition: price increases, friction in customer experience, negative value perception, and intense competition [5][6] - Schulman emphasized the need for Verizon to transform its culture to be more customer-centric and to execute with financial discipline [6][11] Competitive Landscape - Verizon is facing increased competition from cable companies offering bundled services at discounted prices, which has attracted many customers away from traditional phone carriers [10][14] - Recent data indicates that competitors like Spectrum, Comcast, and Altice USA added 886,000 new phone customers in Q1 2025, up from 804,000 in Q1 2024 [10] Future Strategy - Schulman plans to focus on building customer loyalty and improving retention through simplified processes and innovative solutions powered by artificial intelligence [12][13] - The CEO acknowledged that meaningful changes will require time and effort, stating that there is no "silver bullet" solution [12][13]