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VZ reported underwhelming FQ2'23 revenues of $32.6B (-1% QoQ/ -3.4% YoY), well balanced by the expanding gross margins of 60.8% (+1.8 points QoQ/ +3.5 YoY). This is compared to its FY2019 levels of 58.5% and FY2022 levels of 56.8%, thanks to the higher premium mix.
The improvement is a similar cadence we have observed with its telecom peers, such as AT&T (T) at 59.1% (+2.4 QoQ/ +2 YoY) and T-Mobile (TMUS) at 62.1% (+3.2 points QoQ/ +3.4 YoY) in FQ1'23. In addition, VZ is looking to further raise the monthly wireless home internet prices by $10 for new customers and grandfathered mobile plans by up to $5 in H2'23.
Interestingly, despite the hiked prices since 2022, VZ's consolidated postpaid phone churn in the Mobility segment has been moderate at 0.83% (-0.07 point QoQ/ +0.02 YoY) in the latest quarter, against the FY2019 averages of 1.09%. Its total net adds are still decent at +8K in FQ2'23 as well, compared to -127K in FQ1'23 and +12K in FQ2'22. Write your response with exactly 2 paragraphs, separated with the markdown divider: ***.
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