Verizon Hit By Prepaid Subscriber Exodus After Internet Subsidy Ends

Verizon reported a significant loss of wireless subscribers in the second quarter, with its consumer business shedding 624,000 prepaid customers, largely due to the expiration of the federal Affordable Connectivity Program in May. The telecom giant attributed over half of these losses to the end of the COVID-era internet subsidy that had previously supported 23 million low-income households across the United States. Despite the subscriber exodus, Verizon managed to add 148,000 net monthly bill-paying wireless phone subscribers during the period.

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