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Verizon CEO Talks 5G, China, Trade And More In CNBC Interview

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Verizon CEO Talks 5G, China, Trade And More In CNBC Interview

Verizon Communications Inc. (NYSE: VZ) CEO Hans Vestberg spoke with CNBC's Julia Boorstin from the sidelines of the Allen & Co. Conference in a conversation touching on issues affecting the telecom space.

Competition In 5G

Verizon was the first telecom company in the world to dive into 5G, with the first commercially available service offered to consumers, Vestberg said in the CNBC interview.

The company is on track to offer 5G service in 30 cities by the end of the year and already sells three 5G-capable phones, he said. 

The company is ahead of the curve in 5G, but still needs to "respect" the competition, the CEO said. 

Verizon is positioned to "respond quickly" to the competitive landscape while taking care of all of its stakeholders, Vestberg said. 

T-Mobile-Sprint Tieup

Vestberg said he has no idea when the proposed tie-up between T-Mobile Us Inc (NASDAQ: TMUS) and Sprint Corp (NYSE: S) will occur.

If the merger requires the formation of a separate competitor in the telecom market, Vestberg said Verizon will be able to "hammer on and execute."

M&A Plans

Verizon is "very happy" with its assets, especially its media portfolio, the CEO said. Some smaller tuck-in acquisitions could occur, he said — the opposite of the strategy taken by rival AT&T Inc. (NYSE: T), which bought Time Warner.

Different telecoms employ different strategies, so there isn't anything "strange" about Verizon's game plan, Vestberg said. 

"We are very happy with our strategy and hopefully they are very happy with their strategy." 

Trade With China

Verizon doesn't use any Huawei equipment, so it expects to see "no impact" from the Sino-American trade war, Vestberg said.

The stock was down 0.43% at $56.78 at the time of publication Thursday. 

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Posted-In: 5G China CNBC Hans Vestberg HuaweiNews Management Media Best of Benzinga

 

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