Verizon loses key wireless customers

More Verizon customers used the unlimited plan to reduce their bills - moving from expensive data plans to the cheaper unlimited one - than customers chose to pay up.

"After all, this is the same company that's made questionable decisions one after the other for the past four years and now finds itself losing customers to T-Mobile on a regular basis" the company wrote in a blog post Thursday morning.

Verizon Communications, the No.

The results show that there has been a net decline of 307,000 wireless postpaid connections in the past quarter. Something seems to have changed in 2017, though, as the company just reported what may be their worst quarter ever, a quarter that was actually on pace to be even worse if not for the introduction of Verizon Unlimited. That's eroding Verizon's long-standing claim that it didn't need to compete more seriously on price - or offer unlimited data - because it had the far-superior network. Instead, companies have been poaching customers from each other with lower prices and offers to pay people to switch.

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Last year, T-Mobile gained 3.3 million of the lucrative phone customers - "post-paid" in industry jargon - while Sprint gained 910,000, according to MoffettNathanson. Much of that came at the expense of AT&T, which lost 1.2 million past year.

Shares of Verizon fell almost 1.5 percent on the news.

According to ArsTechnica, Verizon has 113.9 million retail wireless phone connections, with postpaid smartphone plans taking up the big part of that.

"Our first-quarter results again demonstrated that customers value a high-quality network experience", said Chairman and CEO Lowell McAdam. T-Mobile turned to unlimited plans to lure customers, as did Sprint, forcing Verizon to resurrect an unlimited plan of their own.

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But aggressive moves by smaller carriers to build out their networks are paying off, said Roger Entner, an industry analyst with Recon Analytics, meaning that such companies as T-Mobile are chipping away at Verizon's network advantage.

The competitive wireless market has led to speculation that Verizon will try to buy another company to broaden its business. By the same token, AT&T purchased DirecTV and is seeking regulatory approval for its acquisition of

Verizon said in a statement that AOL's revenues also declined by 4% percent on a year-on-year comparison. Verizon 35,000 Internet subscribers while lost 13,000 video subscribers in the same quarter. Analysts expected adjusted earnings per share of 99 cents and revenue of $30.77 billion.

Payment processing giant Visa said its profit dropped 75 percent in the fiscal second quarter from a year ago, largely due to the costs of integrating its recently acquired Visa Europe into the larger company.

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