Welcome back, Investing Pioneers! Today, we’re going to take a look at one of the biggest telecommunications companies, Verizon Wireless, and their recent struggles. It’s not news to anyone that the last year has been challenging for most companies. However, some seem to be struggling more than others. One company that comes to mind is Verizon Wireless.
As a long-time Verizon customer, it pains me to say that they are currently having a rough time. As a small-time investor, I’m now asking myself whether this personal experience is indicative of something more significant that could impact their bottom line.
There are several indications that suggest that Verizon may be losing customers in droves. The first point that comes to mind is the botched 5G rollout. In the last few years, Verizon has struggled to get their 5G network off the ground. Some of my friends and neighbors have even reported that they now have better signals with other providers like T-Mobile than with Verizon. This is not good news for Verizon.
Another major issue is their apparent lack of preparation for the iPhone 14 e-SIM only option. When I upgraded to an iPhone 14, it took me several days and multiple phone calls to move my number. This is not the kind of experience that customers expect when dealing with a company as large and well-established as Verizon. Customers want smooth, hassle-free service, and unfortunately, this was not the case for me or many others.
Verizon’s policies have also created some roadblocks for customers who need assistance. For example, if you buy a new phone with a trade-in online, and there is a complication that needs to be escalated, Verizon will not help you in the store. In my case, I traded in my phone, and they acknowledged they received it. However, there was another department that believed it was still in use. Despite speaking with numerous Verizon employees, the problem still remains unsolved.
Verizon’s new interactive voice response system, Verizon Assistant, is a nightmare. It aggressively steers you to use it, and if you make the mistake of accepting its offer, it will drop your current channel. On top of that, it has its own agenda, and the canned answers it provides often don’t apply to the customer’s issue. This is not what anyone expects from a company with Verizon’s resources.
It’s unclear what the future holds for Verizon Wireless. However, for the small-time investor, I would be cautious about investing in the company until they can improve their customer service and network issues. It’s always essential to look at the bigger picture and consider any systemic problems before making investment decisions.
Thank you for reading, and until next time, stay curious and keep investing!
