Verizon posts higher subscriber loss on price hikes, competition

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Verizon posts higher subscriber loss on price hikes, competition - Channel News Asia

Quick Summary:

Verizon Communications lost more wireless subscribers in the first quarter than Wall Street expected, as the U.S.telecom giant grappled with the fallout of recent price hikes and aggressive promotions from rivals.

Shares of the company fell 3.4 per cent in premarket trading.

It also reaffirmed its annual adjusted profit and free cash flow outlook, a sign it was confident in its business plans amid economic uncertainty.