Verizon Communications has reported a slowdown in wireless growth revenue, but remains condiment that the mobile video services and M2M products will help pick up the lost trails and turn the company upside down.
Verizon Chief Financial Officer, Fran Shammo claims that the company will turn a new leaf and experience boost in sales once more after it bolsters its M2M products and mobile video services.
Verizon revealed that the company's machine-to-machine (M2M) profits for the first time on its Q3 earnings report and conference call last Tuesday, Oct. 21 in an effort to veer the analysts' worries over slowing service revenue growth.
The wireless company's wireless services went up 4.8 percent to $18.4 billion in the most recent quarter, which is lower compare to the 5.9 percent in the second quarter and 7.5 percent in the first quarter of the fiscal year.
The falling sales were reportedly brought about by increased competition from other wireless companies like T-Mobile U.S. and Sprint Corp.
Shammo reiterated that their aggressive promotions and marketing strategies will still be present into the fourth quarter of the fiscal year, with a good season kickstarted by the new Apple iPhone 6 and a slew of other Apple devices.
Shammo further stated that the M2M and mobile video services are still in the works.
M2M technology is part of the "Internet of Things" where remote devices such as cars, industrial products, medical devices located in the field can conveniently provide businesses with important information through the Internet.
Shammo stated that the company's M2M rechnology reported $150 million profits in the third quarter 40 percent more than last year's Q3 report.
Furthermore, Verizon's mobile video will help the company keep up with competition.
Recently, Sprint offered "double data" plan in their mobile offerings, which Verizon then also offered thereafter.
