Verizon Posts Strong Subscriber Gains Under New CEO

Core Viewpoint - Verizon issued a bullish forecast for the year, highlighting a significant turnaround in its performance with substantial net additions in postpaid phone connections [1][7] Group 1: Financial Performance - In the fourth quarter, Verizon gained a net 616,000 postpaid phone connections, marking its largest quarterly combined mobile and broadband net additions since 2019 [1] - The company's fourth-quarter revenue rose 2% year over year to $36.4 billion, slightly exceeding analyst expectations [3] - Verizon reported per-share earnings of 55 cents, or $1.09 excluding special items, impacted by severance charges from layoffs [4] Group 2: Strategic Initiatives - Dan Schulman, the new CEO, initiated significant cost-cutting measures, including the largest job cuts in the company's history, aiming for a more competitive and efficient operation [2][5] - The company expects to achieve $5 billion in operating expenditure savings this year as part of its strategic turnaround [2][5] Group 3: Market Position and Outlook - Verizon ended the period with 146.9 million total wireless retail connections, with wireless service revenue at $21 billion, its largest business segment [4] - The company anticipates adding between 750,000 and one million net postpaid phone connections this year, with expectations of flat wireless-service revenue and 2% to 3% growth in total mobility and broadband-service revenue [6][7]