What is Verizon Wireless in 2024? The Complete Business Profile

When you hear the name Verizon Wireless, you probably know they’re one of the major wireless carriers in the US. But what exactly does this $131 billion telecommunications giant do in 2024? What products and services do they offer? And what makes them stand out from competitors like AT&T and T-Mobile?

This in-depth guide will give you the complete business profile on Verizon Wireless so you really understand their key offerings, financials, network technology, reputation and strategic direction going forward.

About Verizon Wireless

Let’s start with some background. Verizon Wireless is a wholly owned subsidiary of Verizon Communications – the parent holding company operating various telecom businesses like Verizon Business, Verizon Media/Advertising and more.

Verizon Wireless specifically provides wireless telecommunications products and services across the United States. They launched service back in 2000 with the merger of Bell Atlantic and GTE.

As of Q3 2022, Verizon Wireless has over 119 million total retail wireless connections across all devices like phones, tablets, smartwatches and more. This makes Verizon the #1 wireless carrier in America by subscribers.

In terms of financials, Verizon Wireless reported total operating revenue of $133.6 billion in 2021. $97.3 billion or 73% came directly from wireless products/services showing their emphasis on mobility and connected devices.

Verizon Wireless’ Key Offerings

So exactly what does this $131 billion wireless carrier sell to those 119+ million subscriber connections? Here’s the breakdown:

Wireless Phone Plans and Devices

Verizon’s core offering is wireless phone service plans from unlimited talk/text to shared and unlimited 5G data options. They partner with leading phone makers like Apple, Samsung and Google to offer the latest devices from 5G smartphones to tablets and smartwatches.

As of 2021, Verizon had over 94 million retail postpaid phone connections on their network.

Home Internet

Beyond mobile, Verizon now offers home and business internet delivered over their 4G LTE network. This provides high-speed connectivity in rural areas or as a backup internet option in covered regions nationwide.

Mobile Hotspots and Jetpacks

Verizon also offers portable WiFi hotspots and Jetpacks to connect WiFi-enabled devices like laptops, tablets and more to fast internet on-the-go.

Business and Government Mobility

28% of Verizon’s wireless customers come from business accounts and government/public sector agencies leveraging Verizon’s mobility and network solutions.

Smart Home Technology

Looking ahead, Verizon is expanding partner programs in auto, smart cities, VR/AR and smart home tech to connect more devices across home and work life.

Key Verizon Wireless Stats

To fully showcase Verizon Wireless’ scale and leadership, here are some key recent stats:

• Network size: Reaches over 2.6 million square miles and over 99% of Americans
• 5G rollout: Available to over 230 million Americans across 3,100+ cities as of January 2023
• Retail stores: 2,300+ Verizon retail stores plus additional authorized retailers
• Awards: Won more awards for network quality than any other carrier from RootMetrics (H1 2022)
• Customer service: Answered 65 million+ calls in 2021 in their U.S.-based customer support centers

How Verizon Stands Out: Network Technology

One major differentiator for Verizon Wireless is their industry-leading 4G LTE network, powered by the latest fiber optic and data technology innovations.

Key network tech and capabilities include:

• 5G networking: Verizon launched 5G coverage in 2019 and continues expanding the next-gen network nationwide
• Deep fiber assets: Verizon owns and operates over 500K fiber route miles of high-speed fiber cables powering network reach
• Mobile edge compute: Advanced edge compute delivers next-gen applications and gaming by putting compute power at the edge of the network right near mobile users
• Network virtualization: This software-based tech allows Verizon to rapidly optimize capacity and coverage as needed
• Test labs and trials: With labs in Waltham, MA and Beer Sheva, Israel, Verizon trials next-gen networking advances before commercial launch

Combined, these technologies allow Verizon to operated America’s top-ranked network for reliability and performance.

How Verizon Compares to the Competition

Verizon Wireless’ main competitors are of course rivals AT&T and T-Mobile. So how exactly does Verizon stack up?

While Verizon commands premium pricing, they consistently edge out AT&T and T-Mobile when it comes to network quality, speed and reliability per research firms like RootMetrics.

However, both AT&T and T-Mobile compete aggressively on price with options like T-Mobile’s Essentials unlimited plan starting at just $60/month.

Verizon also loses to T-Mobile when it comes to 5G availability, though Verizon counters with arguments around broader coverage and performance consistency nationwide – not just fast speeds in some concentrated metro areas.

Here’s a breakdown showing how Verizon compares on key wireless metrics:

Sources: RootMetrics (Network quality), Company earnings reports

So Verizon comes out ahead on overall quality and reliability but falls behind T-Mobile on next-gen 5G availability today. And budget-focused shoppers may still save more with Sprint or MVNOs.

Verizon Wireless Customer Satisfaction

In terms of customer satisfaction, Verizon Wireless earns middling marks according to third-party surveys:

• Verizon Wireless earned an ACSI customer satisfaction score of 73 out of 100 in 2022 from the American Consumer Satisfaction Index rankings. This puts Verizon Wireless behind top-ranked T-Mobile but ahead of AT&T in wireless subscriber satisfaction.
• In Consumer Reports 2022 carrier ratings, Verizon Wireless earned 68 points. This was 2nd behind AT&T’s top score of 74 but well ahead of T-Mobile’s 54 points.

So while opinions vary between surveys, it seems Verizon delivers very good but not best-in-class satisfaction. This seems largely tied to complaints over pricing and plan complexity. But network quality enthusiasm helps offset these pain points for most subscribers.

Recent Verizon Wireless Developments

To finish up this profile, let’s discuss some of Verizon’s latest moves and what’s ahead:

Continued 5G and mobile edge compute expansion to power next-gen immersive applications and cloud gaming.

Partnerships for connected solutions across auto, enterprise mobility, smart cities and more.

Leveraging network infrastructure for new options like fixed wireless home internet especially in rural areas.

Competing for streaming viewers with properties like Yahoo Sports and Yahoo Finance to stream sports, news and finance programming over mobile.

So Verizon Wireless aims to push mobility advances while expanding services beyond smartphones across connected life at home, work and everywhere in between.

The top priority remains delivering the best network experience and reliability as expectations rise across areas like video streaming, cloud gaming, VR content and more data-intensive 5G applications.

Verizon Wireless: Conclusions

Verizon Wireless operates the leading wireless network across America’s mobile and connected landscape in 2024. While commanding premium pricing, Verizon continues investing to maintain – and advance – their network quality lead to power next-generation capabilities for consumer and enterprise users alike.

With over 120 million connections and still growing, Verizon aims to enhance network reach and performance while expanding services like home internet, mobile entertainment and business mobility solutions into the future through 5G, Mobile Edge Compute and increased connectivity.

So while the price tag comes at a premium, expect Verizon to retain loyal subscribers focused on quality and network strength for years to come thanks to industry leadership across key metrics from speed to reliability.