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HomeBusinessVerizon CEO sees sturdy development forward, says dividend development nonetheless precedence

Verizon CEO sees sturdy development forward, says dividend development nonetheless precedence


Verizon Communications CEO Hans Vestberg painted an optimistic future image Thursday, telling CNBC’s Jim Cramer the telecom large has “extra development alternative than we have ever had earlier than.”

Vestberg’s feedback in a “Mad Money” interview got here after Verizon held an investor day earlier Thursday, throughout which it laid out its technique for the years forward. It is focusing on development of a minimum of 4% for service and different income in 2024.

“We have finished quite a bit within the final couple of years, and we stand right here proper now with extra development alternative than we have ever had earlier than,” Vestberg mentioned. He pointed to its recent acquisition of worth wi-fi model TracFone and its giant buy of C-Band spectrum in early 2021, a transfer to assist construct out 5G within the U.S. He additionally talked about its sale of Verizon Media final 12 months.

“We constructed a community for a lot of, many various issues, a multi-purpose community,” Vestberg mentioned.

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Verizon additionally introduced Thursday that it entered right into a strategic partnership with Fb mum or dad Meta. It is centered on how Verizon’s 5G community and computing energy might help construct out the so-called metaverse, a brand new and main precedence for the Mark Zuckerberg-led social media agency.

Vestberg pressured it is nonetheless early innings for the event of those immersive, digital worlds often known as the metaverse. The idea was not even on his radar when he joined Verizon in 2017, initially as chief expertise officer and president of World Networks, he mentioned. He grew to become CEO in 2018.

“We’re simply beginning in that space …. and truly that is not even in my numbers for the long run as a result of it is so early,” Vestberg mentioned. “However clearly we constructed a community that is so completely different than anyone else available in the market. That is why we talked to Meta, and that is why they selected to work with us.”

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