Verizon Communications Inc. (VZ - Free Report) recently entered into a first-of-a-kind collaboration with Domo, Inc. (DOMO - Free Report) and Amazon.com, Inc.’s (AMZN - Free Report) cloud computing arm, Amazon Web Services (“AWS”), to help companies quickly and affordably gain traction from IoT asset tracking information. The demonstration of this solution will be done at AWS re:Invent 2019.
AWS re:Invent is a learning conference hosted by AWS for the global cloud computing community. It is the world’s most broadly adopted cloud platform, offering more than 165 fully featured services from data centers globally with lower costs and better performance. The state-of-the-art technology incorporates Verizon’s LTE Critical Asset Sensor with the AWS IoT core cloud computing platform and Domo’s powerful Asset Tracking application. The amalgamated technology ensures a secure and reliable enterprise-grade solution that can absorb and store massive amounts of IoT data to deliver real-time data insights for more informed decision making for businesses.
Developed with technological insights of AWS Networking Competency, Verizon’s LTE sensor is a one-stop solution to address the needs of customers looking for a low-power IoT solution. The cost-effective solution has been specifically designed to adapt to numerous verticals and deliver meaningful business outcomes. AWS IoT Core is a managed cloud service that ensures secured connectivity of devices with various cloud applications. It offers an unmatched experience of reliability, security and performance that enables developers to use machine learning and leverage the latest technologies of AWS services. Domo’s Asset Tracking application is another IoT cloud platform that provides greater visibility to IoT data from multiple perspectives and eliminates the need to manually locate assets, thereby providing better customer experience.
With one of the most efficient wireless networks in the United States, Verizon continues to deploy state-of-the-art technologies to solve complex business challenges and deliver increased capacity, lower latency and faster speeds for customers, backed by customer-focused planning, disciplined engineering and constant strategic investments. In the enterprise and wholesale business, the company is changing its revenue mix toward newer growth services like cloud, security and professional services. It intends to capitalize on the countless innovative technology solutions being developed in the IoT and telematics ecosystem across multiple industries.
Markedly, Verizon has systematically invested in 5G technology to gain a foothold in the industry. The company expects to capitalize on the impending 5G boom and outsmart competition. Further, its focus on upgrading the 5G network will result in the enhancement of Ultra Wideband speed, network performance and latency. The telecom bellwether aims to retain its lead in promulgating next-gen 5G mobile networks nationwide by using virtualized machines, advanced levels of operational automation, flexibility and adaptability. This is likely to strengthen Verizon’s market position and enhance revenues.
Verizon has long-term earnings growth expectation of 3.2%. Driven by strength in wireless business, the stock has gained 6.7% compared with the industry’s growth of 16.9% in the year-to-date period.
Verizon currently carries a Zacks Rank #2 (Buy).
Another top-ranked stock in the broader industry is Qualcomm Incorporated (QCOM - Free Report) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Qualcomm surpassed earnings estimates in each of the trailing four quarters, the average positive surprise being 8.7%.
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