Stocks/Earnings

Verizon Loses 29K Fios TV Subs in Q4

Fios internet adds slow to 47K in period, but helps Fios segment revenues rise 2.3% 1/23/2018 12:42 PM Eastern

Despite shedding some Fios video subs as Fios broadband gains slowed, Verizon Communications said Fios revenues rose 2.3%, to $2.95 billion, in Q4 2017.

Verizon shed 29,000 Fios video customers in Q4, versus a gain of 21,000 in the year-ago quarter, calling it a reflection of the ongoing “shift from traditional linear video to over-the-top offerings.”  Verizon lost 75,000 Fios video subs for all of 2017, ending the year with 4.61 million.

“In Fios video, the business faced ongoing headwinds as observed throughout the linear TV market,” Verizon CFO Matthew Ellis said on Tuesday morning’s earnings call.

The company added 47,000 Fios internet subs in Q4, down from 68,000 adds a year earlier, for a total of 5.86 million (Verizon added 197,000 Fios internet subs for all of 2017.

With DSL losses factored in, Verizon a net of 19,000 broadband connections in the quarter, and 79,000 for all of 2017.

Verizon also shed 15,000 Fios digital voice subs in Q4, versus a gain of 13,000 in the year-ago quarter. It ended 2017 with 3.9 million Fios digital voice customers.

Verizon ended 2017 with 14.37 total Fios connections, up 0.9% from 14.24 million in 2016.

Total consumer wireline revenue at Verizon hit $3.18 billion, slightly down from $3.23 billion in the year-ago quarter.

Verizon Wireless, meanwhile, added 1.2 million retail postpaid net adds in the quarter, including 647,000 postpaid smartphone net adds.

Verizon’s posted consolidated operating revenues in Q4 of $34.0 billion, up 5% from a year earlier.

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