Verizon Raises Annual Profit Forecast, Signs $1 Billion Fiber Deal with Google
Verizon has raised its annual adjusted profit forecast to a range of $4.99 to $5.04 per share from previously expected $4.95 to $4.99 and announced a more than $1 billion fiber connectivity deal with Google for dark fiber services linking data centers. The agreement is part of an AI infrastructure expansion, allowing telecom operators like Verizon to monetize their networks as hyperscalers demand high-capacity inter-data center connections. The company also reported 184,000 wireless subscriber additions in Q2, exceeding analyst expectations and signaling progress under CEO Dan Schulman's strategic initiatives. These include simplified mobile plans such as the Simplicity offering launched in June to improve customer acquisition after lagging behind competitors. Free cash flow is now projected to grow between 9% and 10%, up from a prior estimate of around 7% or more.
Topics: 5G earnings report fiber networks Google partnership telecom