December 8, 2011
Verizon Communications Inc.
Verizon Communications Inc. Company Perspectives:
Driven by our belief in the power of networks, the value of customer connections, and the magic of a unified brand, Verizon is becoming one of the world’s leading communications companies. With jour unparalleled national scale in landline and wireless networks and a significant global presence, Verizon delivers the benefits of communications- voice, high-speed internet data, Internet access, and wireless- to millions of customers every day.
History of Verizon Communications:
Verizon Communications was formed in June 2000 with the merger of Bell Atlantic and GTE. Verizon Wireless evolved from the merger of Vodafone Airtouch, Bell Atlantic, and GTE. The company operates in four basic business segments: Domestic Telecom, which consists of their 16 telephone operating subsidiaries and include Internet access; Domestic Wireless, International including wireless; and Information Services, which provides online an print directories and content. On March 2001, Verizon Wireless joined forces with Lucent Technologies in a $5 billion deal to offer the next generation of high-speed Internet services and wireless technology. With Sprint on their heels, the two companies planned to work in advancements in high-speed mobile Internet services. Verizon Wireless had 27.5 million voice and data customers. The deal would double Verizon’s existing voice capacity.
After a little more than a year, Verizon was operating in 40 different countries, had 27.5 million customers, and $65 billion in annual revenue. Further expansion, advanced Internet technologies, and broader service was on the agenda for the immediate future.
Verizon Communications Inc. (Verizon, or the Company , is one of the world’s leading providers of communications services. The domestic wireless business, operating as Verizon Wireless, provides wireless voice and data products and services across the United States using one of the most extensive and reliable wireless networks. The wireline business provides communications products and services, network access, long distance and other communications products and services, and also owns and operates one of the most expansive end-to-end global Internet Protocol (IP) networks. Verizon Communications has a highly diverse workforce of approximately 194,400 employees as of December 31, 2010.
During 2010, Verizon Communications faced the challenges posed by global economic downturn and continued to increase revenues in the growth businesses, increase free cash flow, and made strategic investments in wireless, broadband, global connectivity and video. At the same time Verizon Communications took significant actions to improve the cost structure, in part by reaching agreements with certain unions on temporary enhancements and addressing future profitability.
To generate revenue growth, Verizon Communications are devoting their resources to higher growth markets, such as the wireless voice and data markets, the broadband and video markets and the provision of strategic services to business markets, rather than to the wireline voice market. During 2010, consolidated revenue decreased 1.2% compared to 2009 primarily due to the sale of divested operations as well as lower revenue in the Wireline segment resulting from switched access line losses and decreased minutes of use,
partially offset by higher revenues in the growth markets. Verizon continues to develop and market innovative product bundles to include local, long distance, wireless, broadband data and video services for consumer, business and government customers. Verizon anticipates that these efforts will help counter the effects of competition and technology substitution that have resulted in access line losses and enable growth of consolidated revenues.
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