FILE PHOTO: The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid/File Photo
(Reuters) -Verizon Communications missed quarterly revenue estimates on Monday as fewer people upgraded their phones, while its prepaid wireless subscribers fell sharply after a federal internet subsidy ended, sending its shares down more than 6%.
The telecom operator said its consumer business lost 624,000 wireless retail prepaid subscribers in the second quarter, blaming the end of the COVID-era Affordable Connectivity Program (ACP) in May for more than half of the losses.
