Verizon: Insight into the world’s largest telco

Coming in joint 21st on the 2023 Forbes Global 2000, which ranks the world’s largest companies, we take a deep dive into Verizon Communications

With Forbes Global 2000 marking its 20th anniversary year in 2023, Mobile Magazine and its sister titles are taking time to celebrate the world’s largest companies that make up Forbes’ renowned list.

Published each year since 2003, Forbes measures companies on four metrics: sales, profit, assets and market value.

The highest ranking telco in the 2023 standings is Verizon at joint 21st, closely followed by China Mobile just three places behind.

In recent years Verizon has consistently been in the throes of the annual Forbes 2000, ranking in and around the top 20.

Verizon — ‘on the right track’ in 2023

A component of the Dow Jones Industrial Average (DJIA) — the stock market index of 30 of the most prominent companies on stock exchanges across the US — the company was formed in 1984 as Bell Atlantic. It evolved into the Verizon — a portmanteau of ‘veritas’, or ‘truth’ in Latin and ‘horizon’ — we know today in April 2000. One of the largest telcos in the US, it has multiple arms of business, including wireless communications, broadband, wireline communications and digital media.

Verizon’s 2022 revenue came in at US$136.8 billion, with US$10.8bn in dividends paid.

Speaking this month following his appointment as the company’s new EVP and CFO, Tony Skiadas — who has almost three decades at Verizon under his belt — said: “We're on the right track in terms of continuing to show improvements both in volumes and in profitability," off the back of Verizon raising its annual free cash flow forecast as its promotional offers and high-speed 5G network drew more subscribers than expected in the third quarter.

The total Verizon Business revenue was US$7.5 billion in Q3 of 2023, as released at the end of October. Despite this being a decrease of 4% year on year, Skiadas is hopeful that one of the key new issues on his agenda, continuing the deployment of Verizon’s 5G, as he says “is the future of our business.”

At the start of 2023, Verizon was awarded for its network quality for the 30th consecutive year, solidifying its position as the most awarded, more than any other wireless provider.

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