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Verizon hit by prepaid subscriber exodus after internet subsidy ends
(Reuters) -Verizon Communications missed quarterly revenue estimates on Monday as fewer people upgraded their phones, while its prepaid wireless subscribers fell sharply after a federal internet subsidy ended, sending its shares down more than 6%. The telecom operator said its consumer business lost 624,000 wireless retail prepaid subscribers in the second quarter, blaming the end of the COVID-era Affordable Connectivity Program (ACP) in May for more than half of the losses. ACP had offered internet subsidy to 23 million households in the United States who otherwise would not have been able to pay for connectivity, and now telecom carriers are bracing for a hit after it ran out.
Reuters•
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