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Verizon’s Profit Falls 23% as Price Increases Slow Growth

The telecommunication giant’s consumer unit loses 189,000 wireless retail customers following recent prices rises

Verizon attributed the drop in its wireless retail postpaid connections to higher customer churn after it instituted monthly rate increases over the summer. Photo: tannen maury/EPA/Shutterstock

Verizon Communications said its earnings slipped by nearly a fourth in the quarter as retail customers balked at its recent price increases.

The telecommunications giant said Friday that its consumer business lost 189,000 wireless retail postpaid connections, attributing the drop to higher customer churn that followed monthly rate increases it instituted over the summer.

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