- Verizon Communications Inc (NYSE:VZ) is pruning the cost and number of its wireless plans to simplify customers’ options amid cutthroat competition.
- It is reducing its lineup of unlimited mobile plans from six to two. It is dropping its most expensive data plans, the Wall Street Journal reports.
- For four lines, Verizon’s two new mobile plans, Unlimited Welcome and Unlimited Plus will be available at a monthly price of $30 a line and $45 a line, respectively. For a single line, the cost would be $65 a line and $80 a line.
- Also Read: Verizon Misses Q1 Revenue Expectations, FY23 EPS Outlook Lags
- Verizon’s previous lineup ranged in monthly price from $30 a line to $55 a line for plans with four lines. For a single line, its monthly plans were between $65 – $90.
- The two new options will be available under the umbrella myPlan, through which users can select add-on subscriptions, including a Walt Disney Co (NYSE:DIS) streaming bundle and Walmart Inc (NYSE:WMT) Walmart+ membership. All subscriptions cost $10 a month, below their monthly retail prices.
- Sowmyanarayan Sampath, head of Verizon’s consumer unit, said the company had relied too much on rate and fee increases on individuals to expand the business in recent years. He said that the new plans and the discounted add-on subscriptions give the company the flexibility to compete for new subscribers.
- Price action: VZ shares traded higher by 0.55% at $36.24 in premarket on the last check Wednesday.
- Photo via Wikimedia Commons
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