INSUBCONTINENT EXCLUSIVE:
Verizon said Thursday it will boost investment in network infrastructure, increasing its capital guidance by $500 million, to prepare for
the rise in telecommuting and online learning amid the coronavirus outbreak.
Verizon has not seen any measurable increases in data usage,
even as some business, schools and other organizations are asking its employees to work remotely, Chairman and CEO Hans Vestberg told CNBC
He added that the company is monitoring it 24/7 because &patterns can change.& (TechCrunch is owned by Verizon.)
Still, the company is
increasing its capital guidance from $17 billion-$18 billion to $17.5 billion-$18.5 billion in 2020
Vestberg said the company would continue to add to its network infrastructure
Verizon said in a statement that the effort aims to accelerate the company transition to 5G and help support the economy during this period
of disruption.
In these times, it important to show the market and the country that there are people investing as well,& he added in the
CNBC interview.
Verizon said in a statement that it has been closely monitoring network usage in the most impacted areas and will work with
and prioritize network demand to assist needs of United States hospitals, first responders and government agencies.
The decision follows an
escalating global crisis caused by COVID-19, the coronavirus strain that was declared a pandemic by theWorld Health Organization earlier
COVID-19 has wreaked havoc on the stock market, pushing shares lower in every industry, and caused numerous closures, including professional
sports games, the cancellation of the NCAA March Madness basketball tournament and Disneyland
Shares of Verizon closed down 3.65%, at $51.20.
