Wireless War Heats Up - Verizon Strikes Again with Third Price Hike in Just Two Years

Verizon Communications Inc VZ bumped prices on some existing wireless plans to boost revenue and offset subscriber slowdown.

Starting with September bills, customers on Mix and Match plans will pay $3 more for single lines and $5 extra for multiple lines, Bloomberg cites CFO Tony Skiadas from an investor conference.

The price increase marks Verizon's third hike in two years. The carrier raised its wireless home internet prices by $10 in July. 

Rival AT&T Inc T began charging $2.50 more per month for its top-tier wireless plan in August.

Leading U.S. wireless carriers Verizon and AT&T have raised prices on more popular offerings to boost margins and beat mobile phone subscribers' slowdown. 

Both carriers' customers trailed that of T-Mobile US, Inc TMUS.

The companies also lost market share to cable companies Comcast Corp CMCSA and Charter Communications Inc CHTR, courtesy of their free mobile lines.

In July, Verizon clocked a sales decline of 3.5% year-on-year to $32.6 billion, missing the consensus of $33.3 billion. Adjusted EPS of $1.21 beat the consensus of $1.16.

Verizon Consumer clocked wireless retail postpaid phone net losses of 136,000.

Price action: VZ shares traded lower by 0.33% at $32.46 on the last check Wednesday.

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