https://www.phonearena.com/news/verizon-comeback-growth-schulman_id182998
Verizon has been plummeting for years, but the tables are turning. Nearly a year after bringing in CEO Dan Schulman, its shares are up 21%. Meanwhile, AT&T has managed just a 1% gain, and T-Mobile has dropped 19%.
The hard-charging turnaround is mostly built on cost-cutting. Verizon has been axing jobs and cutting operating expenses. Naturally, this is going to bolster profit. While Barden called this strategy unsustainable, he commended the company for pressing the brakes on enormous price increases. Ultimately, the company will need to find a balanced approach.
Schulman is delivering
Regardless of the route he has taken, Schulman has put an end to net customer losses. To reward a job well done, Verizon has extended his contract from December 31, 2027, to December 31, 2028. He could also receive at least $25 million in incentives in 2028.
The real test
Sweeping cost cuts were the easy part. As Schulman exhausts that leeway, he will have to devise real growth strategies. He is already on it with a host of recent announcements, including the new Simplicity Plan and loyalty programs. The company is also cooking up more ways to upend the industry.