Verizon Communication, Inc. VZ recently introduced new cell sites and expanded network capacity in the Savannah, GA, region to empower its residents, businesses and visitors with high-performing 4G LTE and 5G Ultra Wideband coverage. The expansion covers Pooler, Port Wentworth, Savannah’s Historic District and enhanced in-building network coverage at Savannah/Hilton Head International Airport.
The network upgrades are part of Verizon’s multi-year initiative to improve its nationwide infrastructure, enabling customers in Savannah and nearby areas to enjoy enhanced connectivity for personal, professional and enterprise use. This transformation is a realization of the earlier $112 million investment the company committed to Georgia in 2023, with a significant portion allocated to the coastal region.
The expanded coverage in Savannah will potentially boost Verizon customers' network performance. Whether users are connecting through Verizon Home Internet or utilizing mobile service for personal or business needs, these improvements are expected to support growing data traffic and the increasing demand for high-speed services. The expansion also allows Verizon to roll out new products and services, offering greater flexibility and choices for customers.
A breakthrough of Verizon’s expansion is the activation of a new in-building network at Savannah/Hilton Head International Airport. The 4G LTE and 5G Ultra Wideband service will offer travelers a reliable and fast connection, ensuring that they remain connected while moving throughout the airport terminal.
VZ’s Innovative Offerings Propel Top-Line Expansion
Verizon’s continued commitment to innovation and excellence in network service expands its presence across various verticals and drives top-line growth. In August 2024, it unveiled a satellite-based direct-to-device messaging service in partnership with Skylo Technologies to provide superior connectivity to its users. Through this partnership, VZ expands satellite IoT coverage across various industries, including transportation, agriculture, maritime sector, environmental monitoring and asset tracking in remote areas.
The company is gaining from a healthy uptake of 5G services and fixed wireless broadband connections. The telecom giant plans to accelerate the availability of its 5G Ultra Wideband network across the country. It is continuously investing in network infrastructure and ecosystem to provide cutting-edge 5G technology and communications services across the United States. Its 5G network hinges on three fundamental drivers to deliver the full potential of next-generation wireless technology - massive spectrum holdings, particularly in the millimeter-wave bands for faster data transfer, end-to-end deep fiber resources and the ability to deploy a large number of small cells.
In the last reported quarter, VZ revenues inched up 0.6% year over year to $32,796 million, driven by pricing policy, offset by lower wireless equipment revenues owing to the challenging macroeconomic environment and lower postpaid phone upgrades. The top line missed the consensus mark by 2.7%. For 2024, Verizon reiterated its earlier guidance and expects wireless service revenue growth in the range of 2-3.5%.
Competition in Wireless Market Weighs on VZ
Verizon faces tough competition from other telecom giants like AT&T, Cogent Communications and TMobile US in the wireless space. To stay on top of the game, VZ is investing heavily in promotion and is offering lucrative discounts, which is eventually draining its margins. It recorded high capital expenditures to support the launch and continued build-out of its 5G Ultra Wideband network, deployment of significant fiber assets across the country and upgrade to Intelligent Edge Network architecture.
Source: https://finance.yahoo.com/news/verizon-boosts-4g-lte-5g-124500985.html