Verizon Acknowledges Challenging Environment

Verizon reported a 2.9% year-on-year decline in revenues in the third quarter of 2016 on a like-for-like basis. Group revenues fell to 30.9 billion US dollars as customers in its wireless division "continued to choose unsubsidized device payment plans." However, Verizon said wireless service revenues plus device payment plan billings increased 2.3%.

Chairman and CEO Lowell McAdam added: “While we transform our company in a challenging environment, we have maintained the financial flexibility to invest in our industry-leading networks to better serve customers, add scale to bring innovation to the mobile media and Internet of Things (IoT) markets, and increase dividends for a 10th consecutive year.” source: Verizon statement