Here's How Verizon Plans To Beat Inflation

Here's How Verizon Plans To Beat Inflation
  • Verizon Communications Inc VZ is considering raising prices for wireless services to pass along inflation-related costs to consumers, Bloomberg reports.
  • Hans Vestberg, Verizon's chief, raised the prospect of boosting prices on an April call with investors.
  • Recently AT&T Inc's T hiked older calling plans by $6 or more.
  • However, Verizon might introduce a higher-priced unlimited plan or added fees instead. 
  • If costs keep rising, Verizon customers will see higher monthly bills.
  • Like many companies, wireless carriers are seeing wages rise. In April, AT&T disclosed that pay increases would add $1 billion to its costs. 
  • In response to a tight job market, both Verizon and T-Mobile US, Inc TMUS boosted employees' starting pay to $20 an hour in the past few months.
  • An analyst emphasized the need to balance price increases with providing options that allow budget-constrained customers to remain connected.
  • Price Action: VZ shares traded lower by 1.26% at $47.78 on the last check Thursday.

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