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Bloomberg
Verizon Communications Inc expects revenue growth of about 4% annually in 2024 and beyond, driven by gains from its new 5G mobile phone services.
Service and other revenue is expected to grow about 3% in 2022 and 2023 and 4% in 2024, Matt Ellis, chief financial officer, told investors at a conference. Analyst had expected gains of about 2% a year through 2024.
The target highlights challenges Verizon faces as mobile subscriber growth cools off from record 2021 levels. The company and its peers AT&T and T-Mobile US are under pressure to show that more than $100 billion spent on 5G technology will start to show a payback soon.
Executives at the conference pointed to growth initiatives, like selling mobile subscribers higher-priced 5G unlimited data plans, offering wireless home broadband and securing partnerships with big tech firms.