Verizon to Slash Capital Spending 23% in 2024 as 5G Buildout Concludes

CEO says 2023 priority is on cash generation, revenue per user
Vestberg says Verizon finished 2022 with net gain in customers

A Verizon store in San Francisco.
Photographer: David Paul Morris/Bloomberg

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By Scott Moritz

January 4, 2023 at 4:56 PM UTC

This article is for subscribers only.

Verizon Communications Inc. expects to cut capital spending by 23% in 2024 as the company completes its major 5G network buildout and turns its focus to sales growth and cash generation.

Spending in 2024 will be about $17 billion following the surge in 5G expenses, Chief Executive Officer Hans Vestberg said Wednesday at at Citigroup Inc. investor conference.