Verizon FIOS video subscribers down 41,000 in 2Q 2016

NEW YORK — Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported second-quarter earnings reflecting strong profitability and customer retention at Verizon Wireless, a repositioning of the wireline network footprint and cost structure, and scaling of new growth markets in mobile video and the Internet of Things (IoT).

Wireline

Total revenues for Fios fiber-optic-based services grew 3.7 percent, to $2.8 billion, comparing second-quarter 2016 with second-quarter 2015. The work stoppage impacted Fios connection growth, resulting in net declines of 13,000 Fios internet connections and 41,000 Fios video connections in second-quarter 2016. Verizon made significant progress in working through a backlog of Fios installations in June and has since returned to its normal run rate of Fios connection growth.

FiOS Video Subscribers (‘000)

                         2014                        2015          2016
                 ------------  --------------------------  ------------
                    3Q     4Q     1Q     2Q     3Q     4Q     1Q     2Q
                 -----  -----  -----  -----  -----  -----  -----  -----
Connections      4,352  4,453  4,535  4,565  4,610  4,635  4,678  4,637
Net Adds           100    101     82     30     45     25     43   (41)

From 1Q 2016 results: FiOS Video Subscribers (‘000)

                         2014                        2015   2016
                 ------------  --------------------------  -----
                    3Q     4Q     1Q     2Q     3Q     4Q     1Q
                 -----  -----  -----  -----  -----  -----  -----
Connections      5,533  5,649  5,739  5,765  5,807  5,827  5,863
Net Adds           114    116     90     26     42     20     36