Verizon

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Verizon Communications Inc.

File:Verizon 2015 logo -vector.svg
Company type	Public
Traded as	NYSE: [ VZ]
Industry	Telecommunications
Founded	October  7, 1983 (1983-10-07)
Founder	Bell Atlantic
Area served	Worldwide
Key people	Hans Vestberg (CEO)
Products	Wireless, Internet, Television, Digital media
Revenue	$128.3 billion (2020)
Operating income	$31.5 billion (2020)
Net income	$18.3 billion (2020)
Total assets	$316.5 billion (2020)
Total equity	$69.7 billion (2020)
Number of employees	132,200 (2020)
Website	www.verizon.com

Verizon Communications Inc. is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average. The company is based in New York City and was formed in 1983 as Bell Atlantic, one of the seven Baby Bells that were created following the breakup of AT&T.

History

Verizon was founded as Bell Atlantic in 1983 and was one of the original Regional Bell Operating Companies (RBOCs). In 2000, Bell Atlantic merged with GTE, another telecommunications company, and the combined entity was named Verizon Communications Inc. The name "Verizon" is a portmanteau of the words "veritas" (Latin for "truth") and "horizon."

Services

Verizon offers a wide range of services, including wireless communications, broadband and fiber optic services, digital television, and digital media. The company operates through two primary segments: Verizon Consumer Group and Verizon Business Group.

Wireless

Verizon Wireless is the largest wireless carrier in the United States, providing mobile phone services to millions of customers. The company offers a variety of plans, including unlimited data, family plans, and prepaid options.

Internet

Verizon provides high-speed Internet services through its FiOS (Fiber Optic Service) network, which offers speeds up to 940 Mbps. The company also offers DSL (Digital Subscriber Line) services in areas where FiOS is not available.

Television

Verizon's FiOS TV service offers a wide range of channels, including HD and on-demand content. The service is available in select areas and is known for its high-quality picture and sound.

Digital Media

Verizon has a significant presence in the digital media space through its ownership of Yahoo! and AOL, which were acquired in 2017 and 2015, respectively. These acquisitions have allowed Verizon to expand its digital advertising and content offerings.

Corporate Structure

Verizon is organized into two main business segments: Verizon Consumer Group and Verizon Business Group. The Consumer Group focuses on providing services to individual customers, while the Business Group serves corporate clients, including small businesses, large enterprises, and government agencies.

Key People

The current CEO of Verizon is Hans Vestberg, who took over the role in 2018. Vestberg has been instrumental in driving the company's 5G initiatives and expanding its digital media presence.

5G Initiatives

Verizon has been at the forefront of the development and deployment of 5G technology. The company launched its first 5G network in 2019 and has since expanded its coverage to numerous cities across the United States. Verizon's 5G network promises faster speeds, lower latency, and improved connectivity for a wide range of applications, including IoT devices and smart cities.

Environmental and Social Responsibility

Verizon is committed to sustainability and has set ambitious goals to reduce its carbon footprint. The company aims to be carbon neutral by 2035 and has invested in various renewable energy projects. Additionally, Verizon is involved in numerous social responsibility initiatives, including programs to bridge the digital divide and support underserved communities.

See Also

• AT&T
• T-Mobile US
• Sprint Corporation
• Telecommunications in the United States
• List of United States wireless communications service providers