• July 30, 2021

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Verizon Chairman and CEO, Hans Vestburg, discusses the company’s 2Q21 results in the most recent earnings call. In this call, Vestburg examines Verizon’s multipurpose network strategy, positive outcomes in its five growth vectors, and the development of both the 5G Ultra Wideband and 5G Home markets.

On the call, the company reported numbers on a variety of business factors in 2Q21, including total operating revenue reaching $33.8 billion, a net income of $5.9 billion, consolidated service revenues of $28.2 billion, up almost 6 percent from last year, 121.3 million total retail connections, up 1 percent year over year, and the combined consumer and business wireless service revenues reaching $16.9 billion, which is a 6 percent increase from a year ago.

Along with the hard numbers, Vestburg also discussed the company’s investment in its 4G networks and 5G expansion, focusing specifically on 5G Ultra Wideband and 5G Home fixed wireless access service, which utilizes millimeter wave (mmWave) frequencies.

mmWave is a big focus area for Verizon. According to Vestburg, the company is on schedule to deploy 14,000 5G mmWave small cells, reaching 30,000 in service, and to cover 1 to 2 million homes, primarily in urban locations, with mmWave by the end of 2021.

Since the conclusion of the FCC’s Auction 107, C-band, and building out the 140-200 MHz of 3.7 GHz C-band spectrum Verizon acquired during the auction, is another major focus for 2021. Verizon will spend $7.5 billion over the next three years for clearing costs and incentives for satellite operators to move out of the portions of the C-band they currently occupy. The company is striving to clear out the first A Block licenses in the top 46 markets by early December 2021. The rest of A Block as well as the B and C Blocks should be cleared by December of 2023.

Verizon is projected to spend $10 billion over the next three years deploying C-band licenses and building out 7,000-8,000 C-band cell sites. After the A Block licenses have been cleared, Verizon said 5G will be accessible from those sites to approximately 100 million people in 1Q22.

A lot was covered in Verizon’s most recent earnings call. For a full recap, read the entire press release here.

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Sources:

insidetowers.com/cell-tower-news-verizon-picks-up-its-network-build-pace/

verizon.com/about/news/verizon-reports-increased-5g-adoption-and-record-2q-performance