Stocks/Earnings

Verizon Drops 13K Fios TV Subs, Adds 35K Fios Internet Subs in Q1

Total broadband connections down 27,000 amid more DSL losses 4/20/2017 10:13 AM Eastern

Verizon Communications saw some weakness in its Fios TV business even as its Fios Internet sub base continued to expand in Q1.

Verizon said it lost 13,000 Fios video subs, ending Q1 with 4.68 million while adding 35,000 Fios Internet subs, extending that total to 5.68 million The company also lost 8,000 Fiso digital voice customers, ending Q1 with 3.88 million.

Verizon ended Q1 with Fios video penetration of 33.8%, down from 35% a year ago, while Fios Internet penetration remained relatively flat, at 40.3%.

Total Fios connections rose 14,000, to 14.25 million, and total Fios revenues rose 4.7%, to $2.89 million in Q1.

With DSL losses factored in, Verizon dropped 27,000 broadband connections, ending Q1 with 7.01 million.

Verizon posted total Q1 revenues of $29.8 billion, down 7.3% from the year-ago quarter, and net income of $3.6 billion. Total wireline revenues dropped 0.6%, to $7.9 billion.

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