Verizon CEO talks 6G and how the company is focused more on its network growth than economy

Verizon (VZ) Chairman and CEO Hans Vestberg joins Yahoo Finance Executive Editor Brian Sozzi at the Yahoo Finance Invest conference to highlight the major challenge leaders are facing: uncertainty. He notes in the past five years, companies navigated through challenges such as the COVID-19 pandemic, economic downturns, and ongoing geopolitical conflicts all impacting businesses, particularly those reliant on Direct-to-Consumer models.
Vestberg discusses adapting to changes in consumer behavior itself, noting Verizon's prepaid business segment has struggled and faces disruptions from most customers' preference for postpaid plans. Additionally, he says the overall U.S. consumer market "is shrinking" as people curb spending. Offers that previously worked, like new phones for all, are less effective lately, Vestberg says. With consumers growing more cautious, he explains that "you need to see that you have the right offering for every customer in every consumer segment."
Despite high inflation, the Verizon chief executive says consumers in the U.S. have not yet felt the full effects on their finances, similar to Verizon's own financials. He attributes this partially to Verizon's business model and strategy. While elevated interest rates are putting pressure on many companies and households, Vestberg states that Verizon's network infrastructure is built to consistently generate revenue, "but it's not because of economy, it's more about the nature of how we have built the network."
Furthermore, Vestberg stresses to Yahoo Finance that strong leadership is most vital to business success. He grades his own mood daily on a 1-10 scale to stay in an optimal range for leading since 2009. He confesses that his "sweet spot" is 3-8, enabling him to positively guide employees and stakeholders. Vestberg says his 2024 leadership goal is getting his team in "harmony" to propel Verizon forward. He aims to foster an environment where talent thrives by utilizing company assets optimally.
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