Verizon Communication Inc. (VZ - Free Report) – the largest 4G LTE operator in the U.S – announced that it has extended its lightning fast 4G LTE services in Norwalk city.
Verizon Communication Inc. which is a joint venture between Verizon Wireless and Vodafone Group Plc. (VOD - Free Report) , continue to offer its wireless service through Verizon Wireless. At present, the company is offering its 4G LTE services in nearly 480 markets, covering approximately 273.5 million or 89% of the total U.S. population.
Moreover, Verizon Wireless has taken an unprecedented lead in 4G LTE deployment against the largest and the third largest wireless carrier in the country (on the basis of wireless subscriber), namely AT&T Inc. (T - Free Report) and Sprint Nextel Corp. (S - Free Report) , with 141 and 58 markets, respectively.
Higher proliferation of smartphones and tablets coupled with increased HD-movie downloads continue to exert huge pressure on networks, resulting in slower network speed. Therefore, in a bid to boost its network speed and retain its customer base from other competitors, the company is aggressively rolling out its 4G LTE plans followed with launch of 4G LTE devices.
In order to improve its network service as well as well as to tackle spectrum shortage crisis, the company is constantly acquiring spectrum from cable and telecom operators. The company started rolling out 4G LTE technology from 2010 with an average capital expenditure of nearly $8.7 billion per year and also plans to cover its entire 3G footprint by the end of 2013.
In the recently concluded quarter, Verizon added 2.2 million retail subscribers. At the end of 2012, the company had 98.2 million retail subscribers, reflecting a 6.6% year-over-year increase. Moreover, wireless revenue increased 9.5% year over year to $20 billion in the fourth quarter on the back of increased smartphone penetration and high retail post-paid subscriber growth.
Currently, Verizon carries a Zacks Rank #3 (Hold).