:Verizon Communications Inc forecast annual profit below expectations on Tuesday, as the pandemic-led boom in wireless customer growth fizzles out and the company makes heavy investments in 5G technology.
Subscriber loss also battered the carrier's stock, a component of the Dow Jones Industrial Average, with investors and analysts expressing concerns about a return to growth amid stiff competition. Chief Executive Hans Vestberg also warned Verizon would move away from promotions."We believe current promotion incentives are not sustainable for the industry in the long run."
The New York-based company said it expects wireless service revenue to grow between 2.5 per cent and 4.5 per cent in 2023 after posting an 8.6 per cent increase in 2022.
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