Verizon
Verizon Communications Inc., commonly known as Verizon (/vəˈraɪzən/), is an American multinational telecommunications conglomerate. The company is incorporated in Delaware, and headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City.[3] Verizon's capital stock is a component of the Dow Jones Industrial Average.[10] It is the world's second-largest telecommunications company by revenue.
For the mobile network, see Verizon (mobile network). For the fiber-optic residential service, see Verizon Fios.Formerly
Bell Atlantic Corporation (1983–2000)
October 7, 1983
Worldwide, mainly serving United States
Hans Vestberg (chairman & CEO)
Tony Skiadas (EVP & CFO)
US$133.97 billion (2023)
US$22.877 billion (2023)
US$12.095 billion (2023)
US$380.26 billion (2023)
US$93.799 billion (2023)
105,400 (2023)
Yahoo (10%)
The company was formed in 1984 as Bell Atlantic as a result of the breakup of the Bell System into seven companies, each a Regional Bell Operating Company (RBOC), commonly referred to as "Baby Bells."[11] The company was originally headquartered in Philadelphia and operated in the states of New Jersey and Virginia.
In 1997, Bell Atlantic expanded into New York and the New England states by merging with fellow Baby Bell NYNEX. While Bell Atlantic was the surviving company, the merged company moved its headquarters from Philadelphia to NYNEX's old headquarters in New York City. In 2000, Bell Atlantic acquired GTE, which operated telecommunications companies across most of the rest of the country not already in Bell Atlantic's footprint. Bell Atlantic, the surviving entity, changed its name to Verizon, a portmanteau of veritas (Latin for "truth") and horizon.[12]
In 2015, Verizon expanded into content ownership by acquiring AOL,[13][14] and two years later, it acquired Yahoo! Inc.[15] AOL and Yahoo were amalgamated into a new division named Oath Inc.,[16] which was rebranded as Verizon Media in January 2019, and was spun off and rebranded to Yahoo after its sale to Apollo Global Management.
As of 2016, Verizon is one of three remaining companies with roots in the former Baby Bells. The other two, like Verizon, exist as a result of mergers among fellow former Baby Bell members. SBC Communications bought the Bells' former parent AT&T Corporation and took on the AT&T name, and CenturyLink acquired Qwest (formerly US West) in 2011 and later became Lumen Technologies in 2020.
Verizon's mobile network is the second-largest wireless carrier in the United States, with 144.8 million subscribers as of December 31, 2023.[17] It also sells accessories and gear for mobiles and PCs.
History[edit]
Bell Atlantic and mergers with NYNEX, GTE and Vodafone (1984–2002)[edit]
In 1983, the US Department of Justice came to a settlement with AT&T Corporation to breakup the Bell System. Bell Atlantic Corporation was created as one of the original "Baby Bell" Regional Bell Operating Companies (RBOCs) in 1984.[18][19]
Bell Atlantic's original roster of operating companies included:
Corporate responsibility[edit]
Verizon grants money to organizations through its philanthropic arm, The Verizon Foundation.[178] The company ran HopeLine, which had provided mobile phones to victims of domestic violence.[179][180] Verizon's educational initiatives include the Verizon Innovative Learning Schools program that provides children access to STEM education programs.[181]
Between 2019 and 2023, Verizon issued five green bonds for a total of $5 billion. Proceeds from its 2023 issue were earmarked to transition to more environmentally friendly electrical grids.[182][183]
In 2020, Verizon launched its "Citizen Verizon" plan with an outline of social and environmental goals.[184][181] Among this plan is a pledge to be completely carbon neutral by 2035. The plan also includes digital-skills training for young people.[184]
Criticism[edit]
Security concerns[edit]
According to Google Project Zero researcher Tavis Ormandy, Verizon applies a simplistic certification methodology to give its "Excellence in Information Security Testing" award, e.g. to Comodo Group. It focuses on GUI functions instead of testing security relevant features. Not detected were Chromodo browser disabling of the same-origin policy, a VNC-delivered with a default of weak authentication, not enabling address space layout randomization (ASLR) when scanning, and using access control lists (ACLs) throughout its product.[185]
Net neutrality[edit]
Verizon and Comcast have been actively lobbying for current changes in the FCC's regulations that require internet service providers to offer all content at one internet speed regardless of the type of content since the early 2000s. In 2014, Verizon unsuccessfully sued the FCC for these powers.[186]
In July 2017, it was reported that Verizon's mobile network had been limiting streaming services such as Netflix and YouTube to a speed of 10 Mbit/s; Verizon stated to Ars Technica that it had been testing a system to "optimize the performance of video applications on our network", and that it would not affect video quality.[187][188]
Deceptive advertising of 5G[edit]
In May 2020, the Better Business Bureau criticized Verizon for claiming it was "building the most powerful 5G experience for America" and recommended that the company make clear and conspicuous disclosures to consumers about the limited actual availability of its 5G network.[189] Verizon had been cited by the Better Business Bureau in March 2019 for ads that "convey the message that Verizon has achieved the important milestone of deploying the first mobile wireless 5G network" prior to 5G availability, falsely conveying that the technology was currently available.[190]
Privacy[edit]
Verizon has a one-star privacy rating from the Electronic Frontier Foundation.[191]