What’s going on with Verizon’s One Fiber project?

Verizon’s One Fiber Build dates back to 2016, when the operator decided it would rather own than lease the fiber running to its cell towers. The logic was that the same transport network could be used for wireless towers, residential broadband, and business services. Verizon’s messaging around its One Fiber build has been – to put it kindly – a bit messy. Back in June 2021, President of Global Networks and Technology Kyle Malady said Verizon was 80% finished with core construction on its new sprawling backbone. Then in November 2021, Verizon exec Ed Chan said the company expected to be two-thirds done with its One Fiber build by the end of that year. About a year and a half later, Malady provided the same 80% progress figure. So, what gives?  Investors can rest assured the project hasn’t been idling at a standstill. Malady’s seemingly conflicting statements were the result of a messaging mix-up. In June 2021 Malady was referring to progress in several specific markets whereas recently he was speaking to progress on the overall build. “In 2023, the entire One Fiber initiative is 80% complete with many markets already 100% built,” said a Verizon representative.