Verizon Wireless 2014 Annual Report Download - page 3

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Almost 3 billion people—40 percent of the world’s
population—use the Internet. There are roughly 1.2 billion
connections in the rapidly growing Internet of Things—
about 20 percent more than in 2013—with that number
expected to grow almost fivefold by the end of the decade.
Despite these indicators that wireless and broadband are
more embedded in the lives of customers than ever before,
for investors 2014 seems to have posed more questions
than answers about the future of the communications
industry. As I read it, the conventional wisdom goes
something like this: New entrants are disrupting the
wireless and broadband space. Competition is putting
pressure on prices and margins. Customers are restless and
confused about the avalanche of competing claims and
Chairman’s Letter
pricing plans. All of this suggests to investors that growth
will be more challenging going forward, and they’re trying
to figure out which companies have the strategic vision
and financial strength to invest, grow and profit over the
long term.
All these statements are true, to one extent or another.
Yet in 2014 Verizon continued to do what we have done
throughout our history: show that we can compete
effectively in any environment. In a year full of competitive
challenges and industry disruption, we grew revenues, added
millions of customers, bolstered our network superiority,
executed a big strategic transaction, paid $7.8 billion in
dividends, and invested and innovated for the future. More
broadly, we demonstrated the resilience of our business
Dear Shareowner,
A look at the communications marketplace in 2014 shows Verizon
sitting at the sweet spot of the trends driving growth in our industry.
Almost one in every three people on Earth has a mobile broadband
subscription—that’s 2.3 billion people, double the penetration rate of
just three years ago.