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Verizon customers sound alarm on major pricing change

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Over the past few months, Verizon (VZ) has yielded higher profits amid recent price increases and a boost in mobile and internet customers.

In the company’s fourth-quarter earnings report for 2024, Verizon revealed that it gained close to 1 million new mobile and internet subscribers during the quarter, stating that this is its “best quarterly result in more than a decade.”

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It earned $27.6 billion in total consumer revenue, a 2.2% increase compared to the same time period in 2023. Verizon’s wireless service revenue also jumped by 3% year over year, which it claims was mainly due to recent “pricing actions.”

Related: Verizon customers threaten to leave after latest announcement

Verizon increased prices for its services several times last year. For example, in March, it raised the monthly price of its 5G Start, 5G Play More, 5G Get More, and 5G Do More unlimited mobile plans by $4. Also, in October, it reduced its autopay discount from $10 to $5 monthly for customers on older phone plans.

Just last week, Verizon also hiked monthly prices for wireless customers who have myPlan and New Verizon Plan accounts.

Verizon customers spot an odd detail in recent bill

Now, it appears that Verizon is continuing down the path of raising its prices, and this time, it’s affecting Fios customers.

In a new post on Reddit, a Verizon customer revealed that their latest Fios Internet bill has quietly increased from $49.99 to $54.99.

A shopper speaks with an employee at a Verizon Communications Inc. store on Market Street in San Francisco, California, U.S., on Tuesday, July 21, 2020. Bloomberg/Getty Images
A shopper speaks with an employee at a Verizon Communications Inc. store on Market Street in San Francisco, California, U.S., on Tuesday, July 21, 2020. Bloomberg/Getty Images

“Just got a price increase to my FiOS Internet, from 49.99 to 54.99. Started at 39.99 when I signed up, now ever so often they slide in a $5 increase without any notification or explanation,” wrote the customer in the post.

In another update, the customer claimed in the post that after calling Verizon, a customer service representative informed them that the $5 increase was due to the company decreasing its autopay credit from $10 to $5 for older Fios 300 plans and lower tiers.

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Other customers have also pointed out that they were also recently hit with a $5 increase for their Fios internet plan.

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Verizon did not immediately respond to TheStreet’s request for comment.

Verizon touts recent price increases

The move from Verizon comes after its Verizon Consumer Group CEO Sowmyanarayan Sampath said during an earnings call on Jan. 24 that customers have been feeling “very comfortable" with the company’s recent price hikes.


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