Verizon Consumer Group in 2022 contributed $105 billion in revenue to the company’s overall revenue of $136 billion. As per Investopedia, Verizon is the second largest provider of cellular service in the US that provides communications, information, and entertainment products and services worldwide to consumers, businesses, and government organizations through its consumer and business segments.
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It offers wireless voice and data services and equipment sales, as well as data and video communications products and services, such as broadband video, data center and cloud services, security and managed network services, and local and long distance voice services. Verizon also claims to be the first company in the world to launch commercial 5G for mobility, fixed wireless and mobile edge computing.
Sampath said India GCCs which are located in Chennai, Hyderabad and Bengaluru are not about cost arbitrage but rather about capabilities, innovation and the talent pool which makes the country a huge draw for the company. “In terms of core technology, business enablement, deep business integration, I don’t see any other centre other than India having the scale and size,” he said.
Interestingly, Sampath vehemently denied talk of Verizon looking to acquire Vodafone Idea (Vi) by emphasising that the US telecom carrier was not exploring any opportunities of a foray into India and was steadfast in its focus on the US market.
“I don’t know how rumours start, but I can end it for you. We are not looking, not interested and this is something we are not spending our time on,” he categorically stated.
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While elaborating more on Verizon’s blueprint for the future, Sampath said it was focused on driving growth in the overall phone business as well as cracking the broadband business to ensure that Verizon becomes a national player. He also added that plans were afoot to grow the company’s current $10 billion prepaid market and to provide better customer experience across the US.Verizon Consumer Group has reported that it has 114.1 million wireless retail connections, 92.5 million wireless retail postpaid connections, 8.5 million broadband connections, including 6.9 million Fios Internet connections and clocked $24.6 billion in total revenue in the second quarter ended June 30. Sampath said the opportunity in the US was massive and that there was a lot of headroom for growth there and hence, the company would not look at the India market.
Sampath also praised the Indian government’s role in fostering digital infrastructure such as UPI (unified payments interface), stating that a private entity could not scale such an initiative at the pace that the government did to make such an environment thrive.
“There are a lot of things India does first. Digitisation of the overall economy, a large (portion) of which has been driven by telecom space. When India decides to do something, it moves fast. 5G is a good example of that,” he said.