Verizon Communications Inc. (VZ) Bundle
An Overview of Verizon Communications Inc. (VZ)
General Summary of Verizon Communications Inc.
Verizon Communications Inc. is a multinational telecommunications company headquartered in New York City. Founded in 2000 through the merger of Bell Atlantic and GTE, the company provides wireless, fiber-optic, and global internet services.
- Total employees: 118,400 (as of 2023)
- Headquarters: New York City
- Founded: 2000
Company Products and Services
| Service Category | Description |
|---|---|
| Wireless Services | 5G mobile networks, mobile phone plans |
| Internet Services | Fios broadband, fiber-optic network |
| Business Solutions | Enterprise networking, cybersecurity services |
Financial Performance 2023
Verizon's financial performance for the fiscal year 2023:
- Total Revenue: $136.9 billion
- Net Income: $18.3 billion
- Wireless Service Revenue: $76.4 billion
- Consumer Segment Revenue: $71.3 billion
- Business Segment Revenue: $31.8 billion
Market Leadership
Verizon is a leading telecommunications provider in the United States, with significant market share in wireless and broadband services.
| Market Position | Ranking |
|---|---|
| US Wireless Subscribers | 142.8 million (2023) |
| Market Share - Wireless | 31.3% |
| Broadband Subscribers | 14.2 million |
Mission Statement of Verizon Communications Inc. (VZ)
Mission Statement of Verizon Communications Inc. (VZ)
Verizon Communications Inc. mission statement focuses on connecting people, businesses, and communities through innovative technology and communication solutions.
Core Components of Verizon's Mission Statement
Technology Leadership
Verizon commits to technological innovation with the following key metrics:
- $6.3 billion invested in research and development in 2023
- Over 5G networks covering 230 million people across the United States
- Deployed 186,000 small cell sites for enhanced network coverage
Network Performance Metrics
| Network Metric | 2024 Performance |
|---|---|
| 5G Network Coverage | 90% of United States population |
| Fiber Internet Connections | 14.3 million households |
| Network Reliability | 99.99% uptime |
Customer Connectivity Focus
Verizon serves:
- 143.7 million wireless retail connections
- 7.4 million Fios internet subscribers
- 4.3 million Fios video subscribers
Financial Investment in Mission Objectives
Verizon's financial commitment to mission objectives:
- $17.7 billion capital expenditure in 2023
- $131.9 billion total annual revenue in 2023
- $21.3 billion net income for fiscal year 2023
Vision Statement of Verizon Communications Inc. (VZ)
Vision Statement of Verizon Communications Inc. (VZ) in 2024
Technological Leadership and InnovationVerizon's vision focuses on being a global technology leader with $136.8 billion in total revenue for 2023. The company aims to drive digital transformation through advanced network technologies.
| Technology Focus | Investment Amount |
|---|---|
| 5G Network Expansion | $7.4 billion in 2023 |
| Fiber Network Infrastructure | $3.2 billion in 2023 |
Verizon targets delivering highest-quality network performance with 94.3% 4G LTE coverage across the United States.
- 5G Ultra Wideband available in 3,150+ cities
- Network reliability rating of 96.2%
- Over 142 million wireless retail connections
Customer-centric approach with digital service platforms reaching 115.3 million consumer and business subscribers.
| Digital Service Metrics | 2024 Projections |
|---|---|
| Mobile App Users | 68.5 million |
| Online Account Management | 92.7 million users |
Commitment to sustainability with $1.1 billion invested in renewable energy and carbon reduction initiatives.
- Goal of net-zero emissions by 2035
- 100% renewable energy for operations by 2030
Core Values of Verizon Communications Inc. (VZ)
Integrity
Verizon's Commitment to Ethical Business PracticesVerizon reported 100% compliance with corporate ethics training for 132,500 employees in 2023.
| Ethics Metric | 2024 Data |
|---|---|
| Total Ethics Hotline Reports | 1,247 |
| Substantiated Misconduct Cases | 87 |
| Employee Ethics Training Completion Rate | 99.8% |
Innovation
Technological Advancement InvestmentsVerizon invested $6.3 billion in research and development in 2023.
- 5G network coverage: 230+ million people
- Total patents held: 9,372
- AI and machine learning research projects: 42
Sustainability
Environmental CommitmentVerizon committed $2.5 billion toward environmental sustainability initiatives in 2024.
| Sustainability Metric | 2024 Target |
|---|---|
| Renewable Energy Usage | 65% |
| Carbon Emission Reduction | 30% from 2019 baseline |
| Waste Diversion Rate | 57% |
Diversity and Inclusion
Workforce RepresentationVerizon's workforce diversity statistics for 2024:
- Women in leadership: 36.2%
- Racial/ethnic minorities in leadership: 29.7%
- Total diverse workforce: 48.5%
Customer Focus
Service ExcellenceVerizon customer service metrics for 2024:
| Customer Service Metric | Performance |
|---|---|
| Net Promoter Score | 47 |
| Customer Satisfaction Rate | 82% |
| First-Call Resolution Rate | 76% |
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