Strong wireless service revenue growth and cash flow highlight Verizon's 2Q results

Verizon reported second-quarter (Q2) results highlighted by wireless service revenue growth, increased cash flow from operations and strong momentum heading into the second half of the year. Verizon has seen the following broadband developments in Q2:

• Total broadband net additions of 418,000, reflecting a strong demand for fixed wireless and Fios products. This result included 384,000 fixed wireless net additions, an increase from 256,000 fixed wireless net additions in second-quarter 2022. This is the third consecutive quarter that Verizon reported more than 400,000 broadband net additions. Verizon now has nearly 2.3 million subscribers on its fixed wireless service;
• 54,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022;
• Total wireless service revenue of $19.1 billion, a 3.8 percent increase year over year;
• Postpaid phone net additions of 8,000, and retail postpaid net additions of 612,000. Total wireless postpaid phone gross additions increased 2.0 percent year over year, primarily driven by a 6.9 percent year over year growth in Consumer postpaid phone gross additions.