50 Facts About Verizon

The Birth and Growth of Verizon

Verizon Communications Inc. has a fascinating history that spans over two decades. Let's explore some key moments and milestones that shaped this telecommunications giant.

1. Headquarters and History: Verizon is headquartered in New York City. It was formed on June 30, 2000, through the merger of Bell Atlantic Corp. and GTE Corp., one of the largest mergers in U.S. business history.

2. Revenue and Financials: As of 2023, Verizon generated revenues of $134.0 billion. They also paid $11.0 billion in dividends, marking the 17th consecutive year of dividend increases.

3. Employee Count: Verizon employs nearly 177,000 people, which is roughly the size of the population of Providence, Rhode Island.

4. Investment in Networks: The company invests more than $45 million per day in its networks, totaling $16.6 billion annually.

5. Global Reach: Verizon serves over 150 countries and nearly all of the Fortune 500 companies.

Technological Advancements and Network Expansion

Verizon has consistently pushed the boundaries of technology, ensuring they stay ahead in the telecommunications industry.

6. 4G LTE Coverage: The company’s 4G LTE wireless broadband network, launched in December 2010, is now available to 305 million people in over 500 markets.

7. Copper Wireline Technology: By year-end 2013, Verizon had fewer than 1 million consumer customers served by copper wireline technology in areas where it passes 18.6 million premises with FiOS high-speed fiber-optic services.

8. Data Centers: The company operates more than 200 data centers in 24 countries, showcasing its extensive global operations.

9. Spectrum Auction: During the 2008 spectrum auction, Verizon bid $9.4 billion and won the bulk of national and local licenses for airwaves reaching approximately 469 million people.

10. AWS Spectrum Purchase: In August 2012, the Department of Justice approved Verizon's purchase of Advanced Wireless Services (AWS) spectrum from a consortium of cable companies, including Comcast, Time Warner Cable, and Bright House Networks, for $3.9 billion.

Major Acquisitions and Legal Battles

Verizon's journey includes significant acquisitions and legal battles that have shaped its current standing.

11. Rural Cellular Corp. Acquisition: In 2008, Verizon acquired Rural Cellular Corp. for $2.7 billion in cash and assumed debt.

12. Alltel Acquisition: The same year, Verizon announced the purchase of wireless carrier Alltel for $28.1 billion, adding 13 million customers and expanding its reach into rural areas.

13. Vodafone Stake Purchase: In September 2013, Verizon purchased Vodafone's 45% stake in Verizon Wireless for $130 billion, giving the company sole ownership of Verizon Wireless.

14. Patent Infringement: Verizon won a lawsuit against Vonage for patent infringement in March 2007, awarding the company $58 million in damages and future royalties.

15. CyberTrust Acquisition: In May 2007, Verizon acquired CyberTrust, a privately held provider of global information security services.

Commitment to Sustainability and Corporate Responsibility

Verizon is not just about business; they are also committed to sustainability and corporate responsibility.

16. Sustainability Recognition: Verizon has been included in the Dow Jones Sustainability North America Index for the third straight year, recognizing its commitment to sustainability.

17. Corporate Responsibility Goals: Verizon aims to achieve several corporate responsibility goals, including net-zero operational (scope 1 and 2) emissions by 2035, sourcing renewable energy equivalent to 50% of its annual electricity usage by 2025 and 100% by 2030, providing 10 million youths with digital skills training by 2030, and preparing 500,000 individuals for jobs of the future by 2030.

18. Diverse Supplier Spend: Verizon has spent more than $54.3 billion with diverse suppliers over the past 10 years, showcasing its commitment to diversity and inclusion.

19. Employee Volunteerism: In 2013, Verizon employees volunteered 53,500 working days (428,000 hours) to help nonprofits in local communities.

20. Small Business Support: Verizon plans to provide 1 million small businesses with resources to help them thrive in the digital economy by 2030.

Privacy and Controversies

Like any major corporation, Verizon has faced its share of controversies, particularly around privacy.

21. NSA Data Collection: The Guardian reported that Verizon was required to provide the National Security Agency (NSA) with telephone metadata for all calls originating in the U.S., although Verizon Wireless was not part of the NSA data collection for wireless accounts due to foreign ownership issues.

22. Privacy Controversy: In 2006, Verizon, along with AT&T and BellSouth, gave the National Security Agency landline phone records following the September 11 attacks. This led to a $50 billion lawsuit filed by two lawyers on behalf of all Verizon subscribers for privacy violations.

23. Customer Information Requests: Verizon received more than 1,000 requests for information about its subscribers on national security grounds via National Security Letters and over 321,545 requests from federal, state, and local law enforcement for U.S. customer information.

24. Settlement with Federal and State Investigations: In May 2015, Verizon agreed to pay $90 million to settle federal and state investigations into allegations that mobile customers were improperly billed for premium text messages.

25. SugarString Website: Verizon Wireless launched the technology news website SugarString in October 2014, which attracted controversy after it was reported that its writers were forbidden from publishing articles related to net neutrality or domestic surveillance. Although Verizon denied this, the site was shuttered in December.

Verizon's Modern-Day Operations

Verizon continues to innovate and expand its services to meet the needs of today's consumers and businesses.

26. Verizon Frontline: Verizon Public Sector provides wireless devices and services to public safety agencies, with over 40,000 agencies subscribed to Verizon Frontline.

27. Global Network Coverage: Verizon’s C-Band 99% coverage reaches over 250 million people, and the company covers 99% of the U.S. population with its 4G LTE network.

28. Fiber Mileage: Verizon has over 1 million miles of global fiber, demonstrating its extensive infrastructure.

29. Chairman and CEO: As of June 30, 2024, the Chairman and CEO of Verizon is Hans Vestberg.

30. Revenue Breakdown: In the second quarter of 2024, Verizon’s total revenue was $24.9 billion, with $20.3 million in wireless retail prepaid connections and $9.5 million in broadband connections.

Future Goals and Innovations

Verizon is always looking ahead, setting ambitious goals and introducing new innovations to stay at the forefront of the industry.

31. Wireless Retail Connections: As of June 30, 2024, Verizon had 114.2 million wireless retail connections, with 94.0 million wireless retail postpaid connections.

32. Business Group Performance: The Verizon Business Group had 30.2 million wireless postpaid retail connections and $7.3 billion in total revenue in the second quarter of 2024.

33. Net Cash Provided by Operating Activities: Through June 30, 2024, Verizon reported $16.6 billion in net cash provided by operating activities.

34. Capital Expenditures: The company’s capital expenditures stood at $8.1 billion as of June 30, 2024.

35. Quarterly Dividends Per Share: Verizon paid $0.6650 per share in quarterly dividends as of the second quarter of 2024.

36. Shares Outstanding: The company had 4.2 billion shares outstanding as of June 30, 2024.

37. LinkedIn Best Workplace: Verizon was ranked #8 on LinkedIn’s Best Workplace list.

38. Military-Friendly Company: The company is ranked #2 in the 2024 Military Friendly company list and scored 100% on the Disability Equality Index.

39. Verizon Consumer Group Performance: In the second quarter of 2024, the Verizon Consumer Group generated $94.0 million in wireless retail postpaid connections and $9.5 million in broadband connections.

40. Verizon Business Group Performance: The Verizon Business Group had 30.2 million wireless postpaid retail connections and $7.3 billion in total revenue in the second quarter of 2024.

Innovations and Customer Experience

Verizon continues to innovate, enhancing customer experience and introducing new tools and services.

41. Global Network and Technology: Verizon covers over 250 million people with its C-Band network and has over 1 million miles of global fiber.

42. Corporate Responsibility Initiatives: Verizon is committed to several corporate responsibility initiatives, including net-zero operational emissions by 2035 and sourcing renewable energy equivalent to 50% of its annual electricity usage by 2025.

43. Digital Skills Training: The company aims to provide 10 million youths with digital skills training by 2030 and prepare 500,000 individuals for jobs of the future by 2030.

44. Small Business Support: Verizon plans to provide 1 million small businesses with resources to help them thrive in the digital economy by 2030.

45. Employee Training: The company is committed to equipping its employees with the skills needed for the future, ensuring they are prepared for the evolving technological landscape.

46. Brand Refresh: In recent years, Verizon has refreshed its brand, bringing forward the energy and vibrancy of how people live, work, and play, powered by Verizon.

47. myHome Launch: The company launched myHome to give customers more choice, flexibility, and value with savings on entertainment.

48. AI Tools Implementation: Verizon has unveiled AI tools to improve the customer experience, offering more transparency, saving time, and simplifying tasks for employees helping customers.

49. Verizon Frontline: Verizon Public Sector provides wireless devices and services to public safety agencies, with over 40,000 agencies subscribed to Verizon Frontline.

50. Global Network Coverage: Verizon’s C-Band 99% coverage reaches over 250 million people, and the company covers 99% of the U.S. population with its 4G LTE network.

Verizon's Impact and Future

Verizon's journey from a regional player to a global telecommunications giant is nothing short of impressive. With headquarters in New York City, the company has grown through strategic mergers, like the one with GTE Corp. in 2000. Verizon's commitment to innovation is evident in its $45 million daily investment in networks and the launch of its 4G LTE network, now covering 305 million people. The company also prioritizes corporate responsibility, aiming for net-zero operational emissions by 2035 and providing digital skills training to 10 million youths by 2030. Verizon's global reach extends to over 150 countries, serving nearly all Fortune 500 companies. With a focus on sustainability, diversity, and technological advancement, Verizon is well-positioned to continue leading the telecommunications industry. Their ongoing efforts to improve customer experience and network capabilities ensure they'll remain a key player in the future.