Verizon adds 1.2M wireless customers in 4Q

Verizon Communications on Tuesday said it recorded 1.2 million net subscriber additions in its fiscal fourth quarter, according to a press release.

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Of the 1.2 million net additions, roughly 650,000 were phone subscribers on monthly payment plans, Verizon Wireless chief Ronan Dunne said while speaking at the Citi 2019 Global TMT West investor conference. A relatively low “churn,” or customer turnover rate, demonstrated “strong customer loyalty” to the Verizon brand, Dunne added.

“In a highly competitive wireless market, our connections growth and churn rates signal that customers are attracted to our network superiority and reliability, as well as our unique product offerings,” Dunne said. “We enter 2019 excited about the possibilities that 5G will bring, and confident that customers will benefit from the best products, on the best plans, on the best network.”

Verizon shares rose nearly 3 percent in trading Tuesday.

The telecommunications giant is in the midst of a restructuring plan. Verizon CEO Hans Vestberg is emphasizing the buildout of 5G network technology.

More than 10,000 Verizon employees accepted buyout packages in December as part of Verizon’s bid to cut $10 billion in costs over the next several years.

Verizon is expected to report its fourth-quarter earnings and full-year results for fiscal 2018 on Tuesday, Jan. 29.