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News tagged: Verizon FiOS


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Verizon CEO Lowell McAdam says he'll be retiring at the end of this year. In a statement, the CEO said he'll be replaced by Hans Vestberg, who is currently serving as the Verizon CTO, executive vice president, and president of global networks. Vestberg will be taking over as CEO starting in August, while McAdam serves out the remainder of his time at the company as executive chairman of Verizon's board.

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From an investor perspective, McAdam was immensely successful, driving record profits at the company--especially its wireless division.

From a consumer perspective, Lowell was less popular. McAdam was best known for pivoting Verizon away from fixed-line network upgrades and toward wireless, advertising, and video, leaving many DSL customers languishing on dated, expensive lines.

Verizon's effort to pivot on this front has seen mixed results. While Verizon Wireless has remained a leader in the wireless space for years, the company's foray into streaming video has proven to be a bit of a struggle. That includes the company's Go90 effort, which even Verizon partners say landed with a dud.

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For years Verizon has been trying to build its own live streaming video service. But like many companies before it, the company has struggled to get broadcasters wary of change to sign off on the company's proposal.

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Verizon FiOS has been rated the highest in customer satisfaction in a new study, though that may not be much to write home about. According to the latest American Customer Satisfaction Index survey (pdf), Verizon FiOS was the top rated ISP with a score of 70 out of 100.

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Verizon has always been a little less "head in the sand" about the cord cutting revolution than many of its contemporaries. While many cable operators spent years trying to pretend that cord cutting either wasn't happening or wasn't important, Verizon has long acknowledged the rise of cheaper streaming alternatives is a very real, very large paradigm shift.

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With the company's focus now primarily on wireless and slinging ads to Millennials, Verizon's long-neglected DSL customers were already feeling unwanted in the wake of frozen FiOS fiber upgrades. In many areas, Verizon has simply refused to upgrade or repair lines, and frequently hits these users with annoying price hikes on slow DSL speeds that cost Verizon very little to actually deliver.

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If you recall, Yahoo was hacked multiple times over the last few years, exposing the data of more than three billion customers (read: nearly every Yahoo user). Yahoo failed to alert Verizon of the hacks during Verizon's acquisition efforts, resulting in Verizon scoring a notable discount ($350 million) on the $4.8 billion deal.

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Altaba, the holding company created after Yahoo sold its core business to Verizon, has agreed to pay a $35 million fine to the Securities and Exchange Commission for failing to inform consumers that their private data had been hacked. As previously reported, Yahoo was hacked several different times, revealing the personal information of more than 3 billion customers.

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Verizon continues to slowly bleed TV subscribers, but also saw a decline in wireless phone subscribers last quarter as well. According to the company's first quarter earnings report released today, Verizon Wireless did manage to add 359,000 subscribers last quarter who are using watches, wearables and other devices, which cost $10 to attach to the company's network.

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Verizon has partnered with Microsoft on a standalone gigabit FiOS bundle. According to the companies' latest promotion, new customers that sign up for standalone 1 Gbps FiOS service between April 5 and May 4 will get a one-year Xbox Live Gold subscription and a choice of two top multistreamer games: either PlayerUnknown’s Battlegrounds or Sea of Thieves. Users that take the offer will get 1 Gbps standalone service (no caps) for $80 per month, and Verizon says it will waive the $99 installation fee for customers that order online.

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A telecom lobbyist organization backed by AT&T says that it will fight to kill state level net neutrality protections. More than half the states in the union have responded by passing their own state-level net neutrality rules.

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A group of activist investors have proposed basing Verizon executive compensation on how well the company protects consumer data. Trillium Asset Management, which holds around $192 billion in assets, is pushing a proposal (hat tip, Fast Company) for the company’s May 3 annual meeting urging the Verizon board to consider tying executive pay to how well the company adapts to cybersecurity threats.

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