Verizon Shares and Internet Services Outage

Verizon Communications Inc's internet services are back up and running for most users after a brief outage on Thursday.

"Our engineers are aware of this issue and are working in the field with our vendor partners and local teams to quickly resolve this issue," a Verizon (NYSE:VZ) spokesman said. According to the outage tracking website Downdetector.com, which compiles status reports from various sources, more than 2,000 user reports mentioned problems with Verizon during the peak of the outage. However, internet services were back up and running after a brief outage, and reports dropped to about 200 cases in the United States. Verizon's mobile and fixed-line communications services, including broadband internet and telephony, were affected by the outage. Most incidents were reported in Fayetteville, New York City, Miami, Philadelphia, Brooklyn, Charlotte, Baltimore, Fort Bragg and Santa Rosa, according to Downdetector. The wireless carrier said the outage was centered around Miami, concentrated around Hialeah and extended as far as Kendall and Homestead. At a time of increased competition in the wireless sector, such disconnections don't bode well for Verizon shares, which already opened down 13% in August 2022. Verizon may be in a difficult situation as competition in the market is heating up with AT&T and T-Mobile US. Instead of seeking a share in the market, Verizon Wireless increased its wireless fees in an effort to increase revenue from the number of monthly subscribers.