Australia markets close in 3 hours 34 minutes
  • ALL ORDS

    7,279.00
    -52.60 (-0.72%)
     
  • ASX 200

    7,039.20
    -57.80 (-0.81%)
     
  • AUD/USD

    0.7813
    -0.0030 (-0.39%)
     
  • OIL

    65.38
    +0.10 (+0.15%)
     
  • GOLD

    1,830.40
    -5.70 (-0.31%)
     
  • BTC-AUD

    73,207.30
    +1,915.01 (+2.69%)
     
  • CMC Crypto 200

    1,546.88
    +1,304.20 (+537.42%)
     
  • AUD/EUR

    0.6438
    -0.0014 (-0.21%)
     
  • AUD/NZD

    1.0782
    +0.0002 (+0.02%)
     
  • NZX 50

    12,578.25
    -60.94 (-0.48%)
     
  • NASDAQ

    13,351.27
    -7.81 (-0.06%)
     
  • FTSE

    6,947.99
    -175.69 (-2.47%)
     
  • Dow Jones

    34,269.16
    -473.66 (-1.36%)
     
  • DAX

    15,119.75
    -280.66 (-1.82%)
     
  • Hang Seng

    28,101.41
    +87.60 (+0.31%)
     
  • NIKKEI 225

    28,449.50
    -159.09 (-0.56%)
     

UPDATE 1-Verizon loses more-than-expected wireless subscribers

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Adds background, revenue details)

April 21 (Reuters) - Verizon Communications Inc said on Wednesday it lost more wireless subscribers than expected during the first quarter as it battled intense competition from T-Mobile US Inc and AT&T Inc to attract customers.

As the 5G technology gains traction, customers have been exploring competitive options from the big three telecoms carriers, which are making big investments to upgrade their networks.

Verizon lost 178,000 wireless phone subscribers in the first quarter, more than 121,700 subscriber loss estimated by FactSet.

Total operating revenue rose about 4% to $32.9 billion, compared with analysts' estimates of $32.46 billion, according to IBES data from Refinitiv.

In February, AT&T, Verizon and T-Mobile won $78 billion in bids in the government's auction of C-Band spectrum, which is seen as the most likely short-term source of available spectrum for next-generation 5G networks.

To finance the purchase, Verizon raised $12 billion in the fourth quarter and more than $31 billion in March this year, the wireless carrier said.

(Reporting by Akanksha Rana in Bengaluru; Editing by Anil D'Silva)