About half of the United States should expect to have functioning next generation 5G wireless technology by 2020, Verizon CEO Hans Vestberg told CNBC on Thursday.
“I think that’s next year,” Vestberg said, when asked when he sees 5G reaching 50% of America. By 2024, half the population will actually a 5G phone, he added.
Verizon on Wednesday announced that it’s expanding its 5G service locations, adding Atlanta, Detroit, Indianapolis and Washington D.C., to the list. Those cities join Chicago, Denver, Minneapolis, Providence, Rhode Island and St. Paul, Minnesota.
Later in the year, the company said 5G will be available in more than 30 cities, including Dallas, Boston, San Diego and Phoenix.
Vestberg, who took over as CEO last year, said the company has been “constantly” improving and updating the software over the past two months.
“I think 4G took much longer time to actually reach those improvements,” he added. “I see good trajectory.”
Vestberg appeared on “Squawk Box ” with CNBC’s David Faber, shortly after the company reported a mixed quarterly financial report. Verizon on Thursday morning beat Wall Street estimates with its adjusted earnings but missed on revenue. The company added a net 245,000 phone subscribers during the quarter, above the 163,000 that analysts had been forecasting.
Shares of the telecom company were up about 1.25% in premarket trading.
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