Verizon released its first-quarter earnings report and while the number of postpaid phone accounts declined, the drop was less than what Wall Street was expecting.
Verizon reported its first-quarter numbers on Friday and this quarter happened to include the launch of its 5G C-band network. This was important to the carrier because when it started building out its mobile 5G pipeline, Verizon decided to work on its 5G mmWave high-band service first. But those signals don't travel too far and are easily blocked by structures. So while mmWave delivers the fastest 5G download data speeds, good luck trying to find a signal.
All of this exciting drama took place in the first quarter of 2022, which happens to be the time period covered by today's earnings release. And while it might not have had anything to do with the change in Verizon's Ultra Wideband coverage, the carrier did lose 36,000 net retail postpaid phone accounts in the first quarter of 2022. That beat estimates of a 49,000 decline and was an improvement of 79.
Retail postpaid phone churn was .83% while retail postpaid churn was 1.04%. Retail prepaid churn was 3.69% (prepaid churn is typically higher than postpaid as subscribers can decide to select a new carrier at the end of every month. Total retail churn rose from last year's Q1 figure of 1.14% to 1.48%.
Wireless Service revenue rose 9.5% to $18.34 billion, and equipment sales rose 28.2% to $6.34 billion. Total wireless revenue for Verizon came to $26.5 billion during the first quarter, up 11.7%. Verizon now expects revenue growth in wireless service for all of 2022 to come in at the bottom of its 9% to 10% range.
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