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Verizon Hands Out Free iPhones, Android Phones to Win 5G Customers: Bloomberg

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·1 min read
In this article:
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  • Verizon Communications Inc (NYSE: VZ) is offering free Apple Inc (NASDAQ: AAPL) and Android phones to the 5G unlimited subscribers, joining the likes of AT&T Inc (NYSE: T) and T-Mobile US Inc (NASDAQ: TMUS) to reverse recent subscriber losses, Bloomberg reports.

  • New Verizon premium 5G unlimited plan subscribers can qualify for up to $1,000 in credit for an iPhone or $1,100 for the Samsung Electronics Co Ltd (OTC: SSNLF) Samsung Galaxy S21. Current customers are eligible for $700 for an iPhone or $800 for an Android model on a higher-end unlimited plan upgrade.

  • Verizon lost 178,000 phone customers in Q1. Interestingly, AT&T and T-Mobile added 595,000 and 773,000 mobile-phone subscribers, respectively, in Q1.

  • The initiative will reduce congestion in the 4G and 3G networks as more users move to 5G.

  • T-Mobile has grown its 5G prospects via the Sprint acquisition. AT&T spun off its WarnerMedia division and will use a portion of the $43 billion cash from the deal on its 5G ambitions.

  • 5G pioneer Verizon’s network speed was restricted by its impermeable millimeter waves and limited presence.

  • AT&T and Verizon both correct unlimited connection speeds after certain data caps or if the network is congested, unlike T-Mobile.

  • Price action: VZ shares traded lower by 0.21% at $56.38 on the last check Tuesday.

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