Verizon FIOS consumer video subscribers down 61,000 in 3Q 2020

NEW YORK — Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported strong third-quarter results today and revised earnings guidance upward for the year. The company’s performance was highlighted by increases in wireless service revenue and total Fios Internet net additions.

Consumer results

Consumer reported 139,000 Fios Internet net additions in third-quarter 2020, an increase from 30,000 Fios Internet net additions in third-quarter 2019. Consumer and Business reported 144,000 total Fios Internet net additions, the most Fios Internet net additions since fourth-quarter 2014. Consumer reported 61,000 Fios Video net losses in third-quarter 2020, reflecting the ongoing shift from traditional linear video to over-the-top offerings.

Fios Video Connections (‘000):

                                2018                        2019                 2020
                 -------------------  --------------------------  -------------------
                    2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q     2Q    3Q
                 -----  -----  -----  -----  -----  -----  -----  -----  -----  -----
Consumer
  Connections    4,487  4,423  4,377  4,322  4,270  4,203  4,152  4,068  3,987  3,926
  Net Adds        (38)   (64)   (46)   (55)   (52)   (67)   (51)   (84)   (81)   (61)
Business
  Connections       73     74     74     76     76     77     77     77     75     74
  Net Adds           1      1      -      2      -      1      -      -    (2)    (1)
Total
  Connections    4,560  4,497  4,451  4,398  4,346  4,280  4,229  4,145  4,062  4,000
  Net Adds        (37)   (63)   (46)   (53)   (52)   (66)   (51)   (84)   (83)   (62)