SlateStone Wealth chief market strategist Kenny Polcari discusses whether investors are too dependent on AI, Space X's IPO. his outlook for the markets on 'Varney & Co.'
Verizonis looking to attract. retain customers by offering new, simpler plans that will drop activation and upgrade fees while also rolling out a new loyalty program offering discounts and other perks.
The company is competing aggressively with AT&T. T-Mobile in thetelecoms market, with rivals looking to gain an edge with consumers and have extended device subsidies, added plan discounts and proposed increased spending on network infrastructure.
The new "Simplicity" plan drops network tiers. will combine Mobility and Home on one bill, with taxes and fees included.
Verizon said the new loyalty program will offer customers 3% back on bills from July that can be used to buy new phones or at consumer brands such as Sephora, Hilton, Marriott. Starbucks.
VERIZON CUSTOMERS FACE 35-DAY WAIT TO UNLOCK PAID-OFF PHONES UNDER POLICY CHANGE
Verizon believes the new initiatives will help with retaining customers.(Justin Sullivan/Getty Images)
Alfonso Villanueva, interim CEO of Verizon Consumer Group. Verizon chief transformation officer, told Reuters the move is about making it simpler andmore flexible for customers.
"How do we create a value proposition that makes sense for every cohort?" Villanueva told the outlet in an interview.
"We are convinced that our retention will be even higher," he added.
VERIZON NAMES FORMER PAYPAL BOSS DAN SCHULMAN AS CEO
Verizon said postpaid customers on allphone. connected device planscan opt into its loyalty programs and avoid activation and upgrade fees. It is also offering perks like free Starbucks coffee, a Dunkin' Donuts treat or FIFA World Cup 2026 merchandise.
Verizon in April raised its annual profit forecast under newCEO Dan Schulman. The company declined to say how much the changes announced on Tuesday would cost,. they are expected to be accretive to revenue.
The company also said that the new program wouldn't change its 2026 financial guidance.
FANATICS AND AT&T ANNOUNCE EXCLUSIVE MULTI-YEAR PARTNERSHIP TO CONNECT MORE FANS TO SPORTS MOMENTS
Verizon is vying with rivals like AT&T and T-Mobile for business in the highly competitive cellular service market.(iStock)
Like its rivalAT&T, Verizon has leaned into discounted bundles combining high-speed broadband. wireless plans as part of a strategy to boost customer retention.
T-Mobilehas had success with its loyalty programs offering perks. aggressive marketing along with its plans which bundle Netflix, Apple TV and Hulu with five-year price guarantees.
Last month, Verizon cut several hundred jobs after it said in November it was cutting more than 13,000.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Reuters contributed to this report.
Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech. money news that matters to you.
We've added you to our mailing list.
By clicking subscribe, you agree to the Fox NewsPrivacy PolicyandTerms of Use,. agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
Discussion
Sign in to join the thread, react, and share images.