July 24, 2022
Verizon, like most pay-TV operators, continues to see an exodus of subscribers, losing 86,000 Fios Video subs in the second quarter (ended June 30) — up from 62,000 video subs lost in the previous-year period. Through six months of the year, Verizon has lost 164,000 pay-TV subs, up from 144,000 subs in the previous-year period.
Verizon ended the fiscal period with 3.4 million Fios Video subs, down from 3.7 million subs during the same period in 2021.
Meanwhile, Verizon added just 30,000 broadband subs, which was down from the addition of 92,000 high-speed internet subs in the previous-year period. The telecom added 85,000 broadband subs in the first six months of the year, down from 190,000 additions a year earlier.
Verizon, which offers free access to Disney+, Hulu, ESPN+ and Discovery+ to select wireless subs, also saw telecom sub additions plummet 76% to 84,000 from 350,000 net adds in the previous period. Through the half-year, Verizon has lost 42,000 telecom subscribers.
“Although recent performance did not meet our expectations, we remain confident in our long-term strategy,” CFO Matt Ellis said in a statement. “We believe that our assets position us well to generate long-term shareholder value.”