The History and Innovative Strategy of Verizon Communications Inc.
Verizon Communications Inc. is one of the largest telecommunications companies in the world. The company is headquartered in New York City and has a customer base of over 130 million people. Verizon Communications Inc. is the largest local-phone operator and the largest wireless company in the United States (US). The company has a wide range of products and services including fiber-optic lines, broadband, digital television, and long distance services. Verizon Communications Inc. is also the nation’s leading provider in wireline communication.
The company was formed in June 2000 through the merger of Bell Atlantic Corp and GTE Corp. The name Verizon is a combination of the words “veritas” (Latin for truth) and “horizon”. The name was chosen to reflect the company’s commitment to honesty and integrity in all its dealings.
2. History of Verizon Communications Inc.
Verizon Communications Inc. has a long and rich history dating back to the early days of telecommunications. The following is a brief overview of the company’s history:
– Pre-Bell days:
The history of Verizon Communications Inc. actually dates back to 1837 when Samuel Morse developed the telegraph. This new invention revolutionized communication by allowing people to communicate over long distances without having to use the traditional mail system.
In 1876, Alexander Graham Bell invented the telephone which further revolutionized communication. The telephone allowed people to communicate instantly with each other without having to use the slower telegraph system.
The first telephone exchange was established in New Haven, Connecticut in 1878. This was followed by the establishment of telephone exchanges in other cities across the United States (US).
– The Bell System:
In 1885, AT&T (American Telephone & Telegraph Company) was formed as a holding company for Bell’s various telephone companies. AT&T quickly became the dominant force in the US telecommunications industry. AT&T held a monopoly over the US telecommunications industry for many years.
In 1956, Bell Telephone Laboratories developed an electronic switching system which replaced the manual switchboards that were being used at that time. This new system increased the efficiency of telephone operations and reduced costs.
In 1969, AT&T installed its first fiber-optic connection which had a capacity of 1,544 voice channels. This new technology improved voice clarity and increased capacity for phone calls. Fiber-optics would eventually become an important part of Verizon Communications Inc.’s business model. Installations of fiber-optic connections continued throughout the 1970s and 1980s as AT&T expanded its network across the US. by 1986, AT&T had installed over 3 million miles (4,828,032 km) of fiber optic cable nationwide lbrack1rbrack. Today, this figure has increased to over 500 million miles (804,672 km). This extensive network provides high-speed data services to businesses and consumers across America lbrack2rbrack. In addition to providing voice and data services, AT&T also began offering long distance service in 1984 lbrack3rbrack. Prior to this time, only local calls could be made using the telephone network. With the introduction of long distance service, people could now communicate with each other no matter where they were in the country.
– The breakup of the Bell System:
In 1974, the US government filed an antitrust lawsuit against AT&T. The lawsuit alleged that AT&T was using its monopoly power to stifle competition and innovation. After a lengthy legal battle, AT&T agreed to a settlement in 1982. As part of the settlement, AT&T agreed to divest itself of its local telephone operations. These local telephone operations were divided among seven Regional Bell Operating Companies (RBOCs). The seven RBOCs were: Ameritech, Bell Atlantic, BellSouth, NYNEX, Pacific Telesis, Southwestern Bell, and US West. These seven companies would eventually become Verizon Communications Inc., AT&T Corp., and CenturyLink (formerly Qwest).
3. How Verizon Communications Inc. Works
Verizon Communications Inc. is a holding company that operates two business units: wireline and wireless. Wireline is the traditional telephone business that uses copper wire or fiber-optic cable to transmit voice and data signals. This business unit includes landline phone service, broadband Internet service, and digital TV service. Wireless is the wireless telephone business that uses radio waves to transmit voice and data signals. This business unit includes cell phone service, text messaging, and data services such as email and Internet access. Both wireline and wireless businesses use a nationwide network of offices, switching centers, cell towers, and fiber-optic cables to provide service to their customers lbrack4rbrack.
4. The Current Condition of Verizon Communications Inc.
Verizon Communications Inc. is currently the second largest telecommunications company in the world with a market value of $247 billion lbrack5rbrack. The company employs over 170,000 people and has a customer base of over 130 million lbrack6rbrack. Verizon Communications Inc. operates in over 30 countries and has a strong presence in both the US and Europe lbrack7rbrack.
The following is a brief overview of the current condition of Verizon Communications Inc.:
Verizon Communications Inc.’s revenue for 2017 was $126 billion lbrack8rbrack. The company’s net income for 2017 was $17 billion lbrack9rbrack. Verizon Communications Inc.’s total assets as of December 31st, 2017 were $238 billion lbrack10rbrack. The company’s total liabilities as of December 31st, 2017 were $188 billion lbrack11rbrack. Verizon Communications Inc.’s total equity as of December 31st, 2017 was $50 billion lbrack12rbrack.
Verizon Communications Inc.’s revenue has been on a steady increase since 2014 lbrack13rbrack. However, the company’s net income has been on a slight decline since 2015 lbrack14rbrack. This decline is primarily due to an increase in taxes lbrack15rbrack. Despite this decline in net income, Verizon Communications Inc.’s total assets have continued to grow steadily over the past few years lbrack16rbrack.
– Human Resources:
As of December 31st, 2017, Verizon Communications Inc. had a total of 170,900 employees lbrack17rbrack. The company has been on a hiring freeze since 2016 lbrack18rbrack. The company has been reevaluating its human resources and has been working to reduce its workforce through attrition lbrack19rbrack. In 2017, the company offered voluntary retirement packages to some of its employees lbrack20rbrack. As a result of these efforts, the company’s workforce has decreased by over 10,000 employees since 2016 lbrack21rbrack.
5. Innovative Strategy at Verizon Communications Inc.
In order to stay ahead of the competition, Verizon Communications Inc. has been investing heavily in new technology and innovative strategies. The following are some examples of the company’s recent initiatives:
– Fiber-Optic Lines:
Verizon Communications Inc. has been rolling out fiber-optic connections to homes and businesses across the country. This new technology allows for faster Internet speeds and improved voice clarity. Verizon Communications Inc. is the largest provider of fiber-optic lines in the US lbrack22rbrack. As of December 31st, 2017, the company had over 18 million fiber-optic lines in service lbrack23rbrack.
– Wireless Home Phone:
Verizon Communications Inc. offers a Wireless Home Phone service that uses the Verizon Wireless network to provide home phone service. This service is available in areas where Verizon Wireless has coverage lbrack24rbrack.
– Satellite TV Service:
In order to compete with companies like Dish Network and DirecTV, Verizon Communications Inc. offers a satellite TV service called FiOS TV. This service is available in areas where Verizon FiOS is available lbrack25rbrack.
– 5G Home Internet:
Verizon Communications Inc. is currently testing a 5G home Internet service in select markets lbrack26rbrack. This new service will provide customers with speeds up to 100 times faster than current 4G LTE technology lbrack27rbrack.
Networkfleet is a subsidiary of Verizon Communications Inc. that provides GPS tracking and fleet management solutions for businesses lbrack28rbrack.
– Smart Cities:
Verizon Communications Inc. is working with cities across the US to develop smart city solutions lbrack29rbrack. These solutions use technology to improve various city services such as transportation, public safety, and energy efficiency.
Go90 is a free mobile video service that offers original content as well as content from partners like ESPN, NBC, and Vice Media lbrack30rbrack. The service is available on iOS and Android devices lbrack31rbrack.
Verizon Communications Inc. is one of the largest telecommunications companies in the world with a customer base of over 130 million people. The company has a