Verizon growth sluggish as it pushes 5G rollout
Verizon's business grew marginally in the fourth quarter, as the carrier continues its efforts in rolling out the fifth generation of mobile technology, or 5G.
The largest U.S. wireless carrier said Tuesday that revenue was $34 billion, up 1 percent from a year earlier. The company is also dealing with headwinds from Oath media, which primarily compromises of AOL and Yahoo.
Hans Vestberg, who took over as CEO in August, is moving Verizon away from media and squarely toward new 5G technology that promises to power smart cars and smart homes. The company is two years into a four-year, $10 billion cost-cutting program that eliminated 10,400 jobs through a buyout program and an additional 800 media employees last week. The company said Tuesday it's on track to deliver those savings by 2021.