Verizon lost 84,000 pay TV subscribers in Q1 as consumers continue shift to streaming

Verizon lost 84,000 Fios TV subscribers and 68,000 postpaid mobile phone subscribers during the first quarter of 2020 as the telecom company continued seeing the effects of the COVID-19 pandemic. In its earnings report this morning, Verizon said it’s seeing an “ongoing shift from traditional linear video to over-the-top offerings.” That trend isn’t new, but widespread quarantines are only helping to push it along.

With 70 percent of Verizon’s stores closed, the company said it also saw declines in equipment sales. Still, its consumer division reported 59,000 net additions to its Fios internet service.

Verizon had first-quarter revenue of $31.6 billion, which was short of the $32.4 billion forecast by Wall Street analysts.

Verizon’s...

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