Verizon Unveils Lower Rates for New Subscribers

Verizon announced Tuesday it’s cutting rates for new subscribers, from $35 per line for four lines, to $30. "Welcome Unlimited opens the door for more people to switch to the network more Americans rely on, at a highly-competitive price," said Manon Brouillette, CEO of Verizon Consumer Group. Customers must enroll in auto pay, and pay taxes and fees. “Verizon is using the new pricing for better subscriber growth, an area where it is clearly struggling despite its 5G ad campaign and investment in C-Band spectrum,” Lightshed’s Walter Piecyk told investors: “Verizon hopes these lower prices will help attract and retain price conscious consumers, at a time when the inflationary pressures on consumers might be magnified by an economic recession. Last week we argued that Verizon and its peers should also be looking at cost cutting opportunities given the macro environment.” Piecyk pegged the likely cost at $60 million per year, which he said means Verizon would have to add 65,000 subscribers to break even.