Verizon FIOS consumer video subscribers down 82,000 in 1Q 2021

NEW YORK — Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong first-quarter 2021 results highlighted by wireless service revenue growth, increased cash flow and the most first quarter total Fios Internet net additions since 2015.

Consumer results

Consumer reported 98,000 Fios Internet net additions in first-quarter 2021, an increase from 59,000 Fios Internet net additions in first-quarter 2020. Total Fios Internet net additions in first-quarter 2021 were 102,000, the most first quarter total Fios Internet net additions since 2015. Consumer reported 82,000 Fios Video net losses in first-quarter 2021, reflecting the ongoing shift from traditional linear video to over-the-top offerings. The company’s broadband subscriber growth, combined with an upward shift in speed tiers, more than offset pressure from secular video trends and is expected to continue to drive solid revenue performance.

Fios Video Connections (‘000):

                                       2019                        2020   2021
                 --------------------------  --------------------------  -----
                    1Q     2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q
                 -----  -----  -----  -----  -----  -----  -----  -----  -----
Consumer
  Connections    4,322  4,270  4,203  4,152  4,068  3,987  3,926  3,854  3,772
  Net Adds        (55)   (52)   (67)   (51)   (84)   (81)   (61)   (72)   (82)
Business
  Connections       76     76     77     77     77     75     74     73     73
  Net Adds           2      -      1      -      -    (2)    (1)    (1)      -
Total
  Connections    4,398  4,346  4,280  4,229  4,145  4,062  4,000  3,927  3,845
  Net Adds        (53)   (52)   (66)   (51)   (84)   (83)   (62)   (73)   (82)