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Verizon (VZ) has repeatedly made it clear that it is not shy about price increases, especially when it is facing higher profits.
In Verizon’s fourth-quarter earnings report for 2024, the company revealed that it earned $27.6 billion in total consumer revenue, a 2.2% increase compared to the same period in 2023.
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Its wireless service revenue also spiked 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, the top mobile provider in the U.S., increased prices for its wireless services multiple times last year. Most notably, 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. In October, it reduced its autopay discount from $10 to $5 monthly for customers on older phone plans.
By December, it increased its monthly Administrative and Telco Recovery Charge for mobile users by $0.20 per line.
Also, just last month, Verizon hiked monthly prices for wireless customers who have myPlan and New Verizon Plan accounts due to “rising operational costs.”
Verizon makes another bold move
Now, it appears that Verizon’s wireless customers will have to brace themselves for another round of price increases that will soon take effect.
According to a new brochure added to Verizon’s website, it revealed that the monthly price for its Verizon Mobile Protect Multi-Device plan for customers who have four to 20 lines will increase from $60 to $68, effective March 27.
Verizon Mobile Protect Multi-Device provides customers with insurance if their device is lost, damaged, stolen, or malfunctions after the manufacturer's warranty expires.
Customers who have two or three lines under the protection plan will not face a price hike as the charges will remain at $38 a month and $57 a month, respectively.
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Verizon’s Mobile Secure Multi-Device plan, which provides customers with 24/7 tech support as well as performance, privacy and security features, etc., will also increase in price on March 27.
For customers who have four to 20 lines on the plan, they will have to cough up an extra $8 a month as the monthly price will increase from $21.60 to $29.60.
More Verizon price increases may be on the way
Verizon did not specify why it was raising prices for both plans or if there will be any new features added to the services. It also did not immediately respond to TheStreet's request for comment.