(Reuters) -Verizon Communications forecast annual free cash flow and profit below Wall Street estimates on Friday, as the U.S. telecom major spends heavily to expand high-speed internet services and attract customers in a saturating wireless market.
The company has been pouring billions of dollars on the C-band spectrum, prized for its balance of speed and range, to improve its 5G offering and outpace rivals AT&T (NYSE:) and T-Mobile.
The spending is also key to hitting its goal of doubling subscribers for its fixed wireless service to as much as 9 million by 2028.
Shares of the New York-based company rose about 1% in premarket trading.
The 2025 forecast followed a strong fourth quarter for subscriber growth as wireless additions hit a 5-year high thanks to its customizable myPlan, Black Friday promotions and trade-in deals for the AI-powered iPhone 16 series.
Verizon (NYSE:) expects 2025 adjusted profit to grow between 0% and…
