Latest news with #SowmyanarayanSampath
Miami Herald
6 days ago
- Business
- Miami Herald
Verizon announces wild new offer to win back angry customers
Over the past year, Verizon (VZ) has embarked on the shaky path of gradually hiking the prices of its services, which has frustrated some of its customers. In January last year, Verizon increased the monthly prices of its myPlan and New Verizon Plan wireless accounts due to "rising operational costs." Don't miss the move: Subscribe to TheStreet's free daily newsletter During an earnings call later that month, Verizon Consumer Group CEO Sowmyanarayan Sampath said customers "feel very comfortable" about the company's prices, since it was "delivering more value." Related: Verizon makes bold move to make it harder for customers to leave By March, Verizon also made the harsh decision to increase the price of its Verizon Mobile Protect Multi-Device plan and Verizon Mobile Secure Multi-Device plan by $8, which applied to wireless customers with four to 20 lines. Image source: Morris/Bloomberg via Getty Images In response to these changes, customers took to social media to express outrage, with some even threatening to switch phone providers. In April, Verizon revealed in its first-quarter earnings report of 2025 that it faced a net loss of 289,000 total postpaid phone customers during the quarter. In a note to investors, analysts at New Street Research said the steep loss in customers matches Verizon's "worst result on record." Related: Verizon raises red flag about concerning customer behavior During an earnings call that month, Verizon CEO Hans Vestberg admitted that recent price increases contributed to the steep decrease in customers during the quarter. "We did have a slow start on postpaid phone net adds, largely driven by elevated churn due to recent price ups and pressure from federal government accounts," said Vestberg. Amid this alarming change in customer behavior, Verizon has decided to make a generous offer to attract and retain customers. The company has announced a new bundle in which new and existing customers with a myPlan mobile account can obtain a smartphone, tablet, and smartwatch when they trade in an eligible phone. The bundle specifically allows Apple users to receive an iPhone 16 Pro, iPad (A16), and Apple Watch Series 10. Google users can obtain a Google Pixel 9, Galaxy Tab A9+ 5G, and Pixel Watch 3. Also, Samsung users can get a Samsung Galaxy S25, Galaxy Tab A9+ 5G, and Galaxy Watch7. More Retail: Costco quietly plans to offer a convenient service for customersT-Mobile pulls the plug on generous offer, angering customersAT&T makes generous offer to older customers Customers should keep in mind that the phones they choose to trade in for the bundle must be from Apple, Google, Samsung, or Motorola. Apple users will receive a $1,000 trade-in credit for their new phone, which will be applied over 36 months. Google and Samsung users who trade in their phones will receive a $799 trade-in credit. When customers receive an Apple Watch or iPad, they can get up to $499.99 off via monthly credits when they add a new line to an eligible plan that starts at $20 per month with autopay. The same rule applies to customers receiving watches and tablets from Samsung or Google; however, they will receive up to $349.99 in monthly credits. In addition to Verizon's new tech bundle, it is offering customers Amazon gift cards if they switch to a Verizon Home Internet plan. If customers switch to a 5G Home Plus, LTE Home Plus, Fios 2 Gig, or 1 Gig (500 Mbps at non-Gig addresses) plan, they can receive a $200 Amazon gift card. Customers who switch to a 5G Home, LTE Home, Fios 300 Mbps, or Fios 500 Mbps plan can receive a $100 Amazon gift card. Related: AT&T makes generous offer to older customers The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
27-05-2025
- Business
- Yahoo
Verizon to speak at Bernstein conference May 29
NEW YORK, May 27, 2025 (GLOBE NEWSWIRE) -- Sowmyanarayan Sampath, executive vice president for Verizon (NYSE, Nasdaq: VZ), and CEO for Verizon Consumer, is scheduled to speak at the Bernstein Strategic Decisions Conference on Thursday, May 29, at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon's Investor Relations website, For details on Verizon's most recent financial results, view the company's 1Q25 earnings results here. Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon's world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit or find a retail location at VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at News releases are also available through an RSS feed. To subscribe, visit Media contacts: Adi in to access your portfolio
The Verge
16-05-2025
- Business
- The Verge
FCC approves Verizon's $20 billion merger after it commits to ‘ending' DEI
Verizon's $ 20 billion deal to acquire the fiber internet provider Frontier is officially happening. On Friday, the Federal Communications Commission signed off on the merger, which will allow Verizon to 'upgrade and expand' Frontier's existing fiber networks. Verizon expects to bring fiber to 1 million homes each year following the acquisition. The deal went through after Verizon 'committed to ending DEI-related practices,' according to a statement by FCC Chair Brendan Carr. The Intercept reports that in a May 15th letter to Carr, Verizon's chief legal officer, Vandana Venkatesh, outlined what it's walking away from. Because 'Verizon recognizes that some DEI policies and practices could be associated with discrimination,' it will no longer have any HR roles or teams focused on DEI, remove references to the term from employee training materials, as well as goals for diversity in its supplies, representation of women and minorities in its workforce. In the letter, Venkatesh says that now Verizon's public messaging is going to 'remove references to 'DEI' or 'diversity, equity and inclusion.'' When Verizon's consumer chief, Sowmyanarayan Sampath, appeared on Decoder last month, we asked him about whether it would fight the FCC imposing regulatory requirements against its diversity initiatives with a decade's worth of lawsuits, the same way it fought net neutrality. It didn't. Earlier this year, Carr criticized Verizon's 'lack of progress' on getting rid of policies related to DEI — or Diversity, Equity, and Inclusion — and suggested that the agency won't approve deals if companies keep these policies in place. T-Mobile similarly closed its acquisition of the fiber provider Lumos after tweaking mentions of DEI on its website. Through the merger, Verizon will also be able to claw back some of its fiber business after it sold parts of its wireline operations, including Fios fiber internet connections, to Frontier in 2015. Carr said the merger will allow fiber to come to more communities, including rural ones. BEAD, a Biden-era initiative, was supposed to pay fiber providers to bring high-speed internet to rural areas, but a report from The Washington Post suggests that the 'money isn't flowing.'
Yahoo
13-05-2025
- Business
- Yahoo
Verizon to speak at MoffettNathanson conference May 15
NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- Sowmyanarayan Sampath, executive vice president for Verizon (NYSE, Nasdaq: VZ), and CEO for Verizon Consumer, is scheduled to speak at the MoffettNathanson Media, Internet & Communications Conference on Thursday, May 15, at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon's Investor Relations website, For details on Verizon's most recent financial results, view the company's 1Q25 earnings results here. Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed in 2000 and is one of the world's leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $134.0 billion in 2023. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers' demand for mobility, reliable network connectivity, and security. VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at News releases are also available through an RSS feed. To subscribe, visit Media contacts:Adi
Business Mayor
24-04-2025
- Business
- Business Mayor
Verizon Has No Plans to Trim Its $12B ‘Customer Investment' Budget During Economic Uncertainty
While other brands might be eyeing their marketing budgets nervously amid the current market instability, Verizon is holding steady. The telecommunications giant, which is one of the world's largest advertisers, has no plans to cut or pause its ad spend, according to Verizon Consumer chief executive Sowmyanarayan Sampath. Last year, it allocated nearly $12 billion for 'customer investment,' which includes marketing, as well as promotions, trade advertisements, and sponsorship events. Speaking on the first day of Semafor's third-annual World Economy Summit in Washington D.C., Sampath told Semafor cofounder and CEO Justin Smith that Verizon is focused on long-term growth, not short-term volatility. 'Our business is built for uncertain times,' Sampath said. 'We're not slowing down.' In his role, Sampath runs Verizon's consumer business, where he oversees marketing, sales, strategy, and product. The company has around 110 million customers, making it one of the largest consumer businesses in the world. It also has several structural advantages that help insulate it from the economic concerns rattling others. For instance, the essential nature of phone service makes the company's revenue base more resilient than others. 'Imagine your day without your phone,' Sampath said. 'Good times, bad times, people still pay their phone bill.' The company's business is also largely domestic and not as reliant on global supply chains, providing it a degree of insulation from the direct impacts of tariffs. Still, tariffs can influence consumer behavior indirectly, as price increases in other sectors drive more value-conscious spending. And Verizon has seen that sentiment bubbling up in its customer base. 'We're seeing that shift,' Sampath said. 'Consumers aren't just looking for the cheapest option—they want value for money.' The company gleaned that insight from one of its newer applications of artificial intelligence. Verizon fields nearly 1 million customer service calls every day, which it now runs through AI-powered models that analyze sentiment and surface trends. For the last three consecutive quarters, one theme has risen to the top: value. Specifically, the company refers to the sentiment as 'value for money.'
