Verizon's main competitor AT&T Inc. plans to diversify its business through an $85.4 billion acquisition of Time Warner Inc. and has already purchased satellite TV company DirecTV. That means that it finished Q1 2017 with 113.9 million connections in total.
Verizon, the once-unstoppable cellphone leader in the US, lost key wireless customers for the first time, even as it brought back unlimited data plans to counter smaller rivals.
There has also been speculation that Verizon could be interested in buying cable company Charter.
Verizon remains the top carrier for wireless subscribers in the USA, but T-Mobile's customer base has increased in recent years because it's offered better deals than AT&T and Verizon.
"The industry's bruising price war has been a boon to consumers".
What makes this news even crazier is the fact that they had to openly admit that it was on track to be even worse had they not introduced Verizon Unlimited, their new unlimited plan.
Can you hear that now, Wall Street?
Portland's Nurkic out Game 2, Warriors' Durant questionable
The hosts led 31-27 at the end of the first quarter but the 2 sides went to the locker room tied at 56 apiece at the break. Heck, even with Nurkic the odds are very long, but it'd be nice to see him in the series sometime soon.
On Thursday, Chief Financial Officer Matthew Ellis clarified the comments, saying that while the company would consider deals that are in the interest of shareholders, it is confident in its assets.
Shares dropped 49 cents, or 1 percent, to $48.45 in afternoon trading Thursday.
Much of the pain Verizon is going through began as a result of moves T-Mobile began making in 2013, such as ending two year contracts and canceling overage fees.
This New York-based carrier was once the superlative leader of the wireless industry in the U.S., whereas now it is battling to retain subscribers and getting them to opt for the paid premium service.
Verizon expects improvement in wireless service revenue this year, with total revenue "fairly consistent" with 2016. However, that stands to leave the firm in a acquainted position: a descending stock price and decelerating progress on the top and bottom lines.
"They badly missed on every important subscriber metric, and it just underscores that the wireless business is a severely growth-challenged business at the moment", said Craig Moffett, an analyst at MoffettNathanson in an interview.Net income attributable to Verizon fell to $3.45 billion, or 84 cents per share, in the first quarter ended March 31, from $4.31 billion, or $1.06 per share, a year earlier. Revenue fell by 7.3 percent to $29.81 billion, CNET reported. On a per-share basis, Visa earned 18 cents a share versus 71 cents a share a year ago. A Thomson Reuters analysts' aggregate put down a goal of $30.5 billion in revenue.