Verizon Wireless (VZ) this week announced that for the ninth consecutive quarter, the nation’s largest carrier has led the industry in customer loyalty. Verizon’s postpaid churn rate of 0.84% in the second quarter of 2012 was the lowest customer turnover rate among all of the nation’s major wireless providers. The three other carriers, which were not referred to by name, had churn rates of 0.97%, 1.79% and 2.10% in the second quarter. Last quarter, Verizon recorded a profit of $1.83 billion and revealed that it had 88.8 million postpaid subscribers and a total of 94.2 million customers. Verizon’s press release follows below.
VERIZON WIRELESS TOPS INDUSTRY IN CUSTOMER LOYALTY
BASKING RIDGE, N.J. – For the ninth consecutive quarter, Verizon Wireless leads the industry in customer loyalty among U.S. wireless customers with postpaid contracts. With postpaid churn (turnover) of 0.84 percent, the company reported the lowest customer churn rate of any of the nation’s major wireless providers in the second quarter of 2012. Churn is a critical measure of customer loyalty, representing the percentage of customers who leave their wireless providers in a given period. Postpaid contract customers represent the largest customer base for the major wireless companies; Verizon Wireless reported 88.8 million retail postpaid customers out of a total of 94.2 million retail customers in the second quarter of 2012, which ended June 30. Second-quarter financial performance announcements by the nation’s major wireless companies – the latest was released today – included the following postpaid customer churn rates, based on averages for the quarter:
Retail Postpaid Churn
Verizon Wireless leads the way with the nation’s largest 4G LTE network, covering nearly 75 percent of the U.S. population; an extensive lineup of 4G LTE-enabled devices, such as the Samsung Galaxy S® III andDROID INCREDIBLE 4G LTE by HTC; as well as HomeFusion Broadband℠, which provides high-speed, in-home Internet access via the company’s 4G LTE network. Additionally, customers can learn the ins and outs of their favorite wireless devices by taking advantage of free Wireless Workshops, offered in-store and online, as part of Verizon Wireless’ award-winning customer care. Verizon Wireless has invested more than $70 billion since it was formed – more than $6 billion on average every year – to increase coverage and capacity of its premier nationwide network and to add new services. For more information on Verizon Wireless products and services, go to www.verizonwireless.com, call 1-800-2 JOIN IN or visit a Verizon Wireless Communications Store.