Verizon, NewLab innovation studio begins to deliver results
The potential implications of 5G technology are profound for every sector from manufacturing and defence to healthcare. On Wednesday this week, Verizon and NewLab results from a number of innovation projects currently underway at the companies’ jointly operated 5G Studio.
The facility has been developed in collaboration with , which is supplying its own 5G Ultra Wideband Network to support a select number of teams from different disciplines across the tech space, as they work on new 5G applications for the healthcare, mobility, energy, automation and smart city fields.
"Earlier this year, we proudly established the 5G Studio with Verizon, a collaboration intended to harness the immense potential of 5G advancements by providing critical support to companies applying technology to transform industry and society. The results produced by this year's incredible cohort of 5G Studio companies is a testament to the enormous breadth of these solutions, to the cohort companies' visions, and to the efficacy of Newlab's Innovation Studio model in empowering entrepreneurial innovation."
The first cohort of six studio companies has now announced the results of their projects.
, a pioneering autonomous aerial robot developer, is working on a platform-agnostic solution that allows customers in “digitally starved industries and GPS-denied environments” the ability to deploy fully autonomous survey drones with the push of a button. This year, the company leveraged the 5G Studio and Verizon’s network to “provide near-real-time persistent data streams that weren't possible on 4G networks.”
is a Boston Dynamics competitor working to design, develop and commercialise legged robots for use in the military, homeland, public safety, and enterprise sectors. Using the 5G Studio, Ghost Robotics has “established robot-to-robot communication without external intervention to deploy fully autonomous robots while boosting Ghost Robotics' performance, reliability, and efficiency.”
is also working on leveraging 5G in order to increase the levels of autonomy achievable with robotic fleets, as well as developing new systems for human-robot collaboration. Using the 5G Studio, Vecna Robotics has “demonstrated a streamlined cloud-based architecture and deployed systems more rapidly, reliably teleoperated continuously and at scale using VR, and processed non-critical functions and machine learning in the cloud.”
is a developer of autonomous vehicle safety features, namely long range remote operation. According to the company’s statement, “By increasing total network bandwidth availability, reducing baseline network latency, and enhancing network security and control, 5G has helped Phantom Auto offer new features to address customers' network constraints as they scale their unmanned operations.”
is a remote telemedicine startup leveraging augmented reality to deliver exam kits to patients that then allow doctors to conduct patient assessments remotely. The company has leveraged Verizon’s 5G network to dramatically reduce latency and increase video streaming definition, allowing doctors to more effectively supervise and guide complex exams.
is a blockchain-based location mapping and tracking startup, which is using 5G to help authenticate locations of various objects on blockchain in near-real-time without sensors while addressing privacy concerns by utilizing 5G mobile edge compute to run an Ethereum client that connects to the blockchain.
Verizon’s 5G adoption rises as Q2 success hits record high
Verizon has reported record success in the second quarter of 2021 caused by an increase in the adoption of its 5G phone service, customer and sequential wireless service revenue growth, and network reliability. The company revised its revenue and adjusted EPS guidance upward for the full year as a result.
Hans Vestberg, Chairman and CEO of Verizon, said: “We are executing on our multipurpose network strategy and producing positive results in each of our five growth vectors, recording strong second-quarter results. With more connections on our network than anyone else, our already excellent network performance improved in the quarter and was recognized by RootMetrics as the best overall network performance for the 16th time in a row. We are also expanding our 5G Ultra-Wideband and 5G Home markets”.
He added that that the company “is excited about its momentum leading into the second half of the year”, and that it is “on track” to close the Tracfone and Verizon Media transactions.
Verizon’s Q2 2021 highlights
- US$1.40 in earnings per share (EPS); adjusted EPS*, excluding special items, of US$1.37.
- Operating revenue of US$33.8bn, a result of strong sequential wireless revenue growth.
- Net income of US$5.9bn and adjusted EBITDA* of US$12.2bn.
- Total wireless service revenue of US$16.9bn, a 5.9% increase year over year, and a 4.0 percent increase from second-quarter 2019.
- Total retail postpaid churn of 0.94 percent, and retail postpaid phone churn of 0.72 percent.
- 528,000 retail postpaid net additions, including 275,000 phone net additions, resulting in 121.3mn total retail connections.
- Total revenue of US$23.5 bn, an increase of 11.2% year over year, and an increase of 6.7% from second-quarter 2019.
- Total retail postpaid churn of 0.83%, and retail postpaid phone churn of 0.65 percent, a record-low retail postpaid phone churn outside of second-quarter 2020 and third-quarter 2020, which were heavily impacted by the COVID-19 pandemic.
- 350,000 retail postpaid net additions, including 197,000 phone net additions, driving 5G-phone adoption to approximately 20% of Consumer wireless phone customers and step-ups to premium unlimited plans.
- 92,000 Consumer Fios Internet net additions. The company's trailing 12-month total Fios Internet net addition performance is the highest since 2015.
- Total revenue of US$7.8bn, an increase of 3.7% year over year, and relatively flat from second-quarter 2019.
- Total retail postpaid churn of 1.30%, and retail postpaid phone churn of 1.07%.
- 178,000 retail postpaid net additions, including 78,000 phone net additions.
“Second quarter results were exceptional, both financially and operationally,” said Verizon Chief Financial Officer Matt Ellis. “Our strong first-half performance and the momentum in our business gives us the confidence to raise our total wireless service revenue growth guidance to between 3.5% and 4%, an update from prior guidance for 2021 total wireless service revenue growth of at least 3%. We are also raising our adjusted EPS guidance* to the range of US$5.25 to US$5.35, an update from prior guidance for 2021 adjusted EPS* of US$5.00 to US$5.15”.
Also in Q2, Verizon came to an agreement with Apollo funds to sell Verizon Media, the expected close date being in the second half of 2021. Following this, the Verizon Media business classified certain assets as “Held for Sale”, which the company no longer depreciated or paid off. According to Verizon, this led to a partial quarter benefit of three cents per share in Q2, which will continue as a benefit until the deal is closed.