Verizon executives outlined a plan to double its fixed wireless access (FWA) subscribers to between 8 million and 9 million by 2028 after reaching a goal of 4 million to 5 million 15 months early.

Using aggressive deployments of C-Band and mmWave, the operator is targeting coverage to 90 million households.

Joe Russo, EVP and president of global networks and technology, told analysts 40 per cent of Verizon’s C-Band sites are now virtualised.

Along with deploying more C-Band for FWA, Russo said Verizon is counting on the launch of a mmWave-based service for multiple-dwelling units (MDUs) to help reach its deployment goal.

Russo said its FWA service had hit peak data rates of 1Gb/s during a trial.

Verizon noted the FWA service for MDUs uses existing infrastructure, which makes it less expensive to build and deploy.

The operator added 363,000 FWA subscribers in Q3 for a total of close to 4.2 million, up nearly 57 per cent year-on-year.

FWA revenue of $562 million was up $215 million.

Including its Fios offering, the company recorded 389,000 broadband net additions.

“FWA is on pace to generate more than $2 billion in revenue for us this year,” Verizon CEO Hans Vestberg (pictured) said.

Fibre
On Verizon’s analyst call, Vestberg said it expects to pass between 9 million and 10 million premises with fibre once a deal to acquire Frontier Communications closes.

Verizon targets an expansion of Fios rollouts to pass up to 650,000 premises annually starting in 2025, along with an additional 30 million in the combined Verizon and Frontier footprint by 2028.

Vestberg said Verizon’s goal is to pass 35 million to 40 million premises in the coming years.

While Verizon executives proclaimed the convergence of mobile and fibre-based services, MoffettNathanson senior MD Craig Moffett stated the 35 million to 40 million goal would only provide coverage of 25 per cent of the US.

“We’re still struggling to see how that adds to a workable convergence strategy.”

“In a world where convergence is king, Verizon would be disadvantaged in the vast majority of the country.”

Q3 numbers
Verizon reported 239,000 wireless retail post-paid phone additions compared with 100,000 in Q3 2023.

Vestberg credited the increase to the launch of customisable tariffs in May 2023.

Prepaid net additions stood at 80,000, after stripping out government-sponsored connectivity programmes, which compares with an overall loss in the comparable period of 2023.

Total wireless service revenue was $19.8 billion, up 2.7 per cent.

Revenue of $33.3 billion was flat and net income declined to $3.4 billion from $4.9 billion, due in part to a $1.7 billion severance charge related to job cuts and voluntary redundancies.