Verizon reported its Q1 2021 earnings Wednesday morning, showing a loss of 82,000 Fios Video pay TV customers for the quarter, following a 72,000 customer loss in the previous quarter. The company said the loss reflected “the ongoing shift from traditional linear video to over-the-top offerings.”
While pay TV subscriptions continue to decline, Verizon again saw an increase in Fios Internet customers, adding 98,000 customers in the first quarter.
In its earnings release, the company focused on increases in cash flow, wireless customers, and Fios Internet additions. “Verizon is off to an excellent start in 2021 as we met the challenge of intense competition in the first quarter by achieving revenue growth across our three business segments,” said Verizon Chairman and CEO Hans Vestberg. “This year began with a transformative milestone for our company with our success in the recent C-Band spectrum auction. We continue to strengthen our networks, execute on our Network-as-a-Service strategy and focus on the five vectors that underpin our growth framework and position us to deliver success in 2021 and beyond.”