Verizon’s third quarter was better-than-expected as the company said its 5G rollout is on schedule. However, Verizon is managing an underperforming Oath media unit, video FiOS defections and intense wireless competition.
The telecom giant reported third quarter earnings of $1.19 a share and $1.22 a share on a non-GAAP basis. Revenue from the third quarter checked in at $32.6 billion, up 2.8 percent from a year ago. Verizon said it added 515,000 retail postpaid net additions and had a 0.80 customer churn.
Wall Street was looking for earnings of $1.19 a share on revenue of $31.72 billion.
Verizon’s results were interesting since the company is prepping for 5G and value added services for consumers and enterprises yet trying to navigate the company’s acquisitions of AOL and Yahoo. CEO Hans Vestberg said the company is “investing in networks” and “best positioned to take full advantage” of 5G.
Also: Ericsson: 5G a ‘commercial reality’ as networks sales rise | Edge Computing: The 2 things tech leaders should know
CFO Matt Ellis said on a conference call:
At Verizon, we believe that true 5G requires an ultra-wideband solution utilizing millimeterwave spectrum to address the full array of use cases that 5G enables. Our network preparation for nationwide 5G deployment requires deep fiber resources, a vast array of small cells, critical spectrum holdings, and mobile edge computing capabilities, all of which we have been assembling for years.
The telecom giant is in a race to build out its 5G network as T-Mobile, Sprint and AT&T have similar plans. Verizon’s launch of 5G Home, which runs on proprietary standards for now, has started installs and Ellis said the company will learn and iterate as 5G Home rolls out.
I will add that we started doing installs earlier this month. And we’ve seen performance as we’ve expected since we started doing those installs. The technology works, our customers are getting the experience they expected, and we are getting a lot of good learning which will benefit us next year when we roll out the product to that much larger audience.
5G Home will become more significant as we expand coverage and we get on the global standards equipment in 2019. And I would expect that that would start to have an impact on consolidated revenues as we get into 2020 and beyond.
Here’s a look at the moving parts.
- Wireless revenue was $23 billion, up 6.5 percent from a year ago. Service revenue was up 0.8 percent from a year ago. Customers are upgrading to higher access plans and adding connections.
- Verizon added 515,000 retail postpaid net additions in the third quarter. Verizon added 510,000 smartphone adds, lost 80,000 tablets and added 300,000 other connected devices such as wearables.
- Verizon’s telematics business, known as Verizon Connect, had revenue of $241 million in the third quarter with IoT revenue up 12 percent. Verizon’s telematics unit is now on an almost $1 billion annual revenue run rate.
- The company is on track to save $10 billion by 2021.
- Verizon rolled out 5G Home, deployed more fiber and is positioning for more 5G services. Year-to-date capital spending was $12 billion.
- FiOS revenue for the third quarter was $3 billion, up 1.6 percent from a year ago. FiOS Internet connections saw 54,000 net adds in the third quarter.
Also see: What is 5G? Everything you need to know about the new wireless revolution | 5G technology: A business leader’s guide (Tech Pro Research) | All 5G stories | CNET: 5G is almost a reality. Here’s what it’ll really feel like
- Oath revenue in the third quarter was $1.8 billion, down 6.9 percent from a year ago. Verizon said: “The company expects Oath revenues to be relatively flat in the near term and does not expect to meet the previous target of $10 billion in Oath revenues by 2020.”
Ellis noted that Oath business is tied to desktop and search and that’s a challenge for the business. He added:
The leadership team at Oath is focused on returning to revenue growth by completing the integration of the legacy AOL and Yahoo advertising platforms by year-end, implementing initiatives to realize synergies across all of our media assets, and building services around our core content pillars of sports, news, finance, and entertainment. Additionally, we are utilizing Oath’s technical capabilities, such as artificial intelligence, augmented reality, and virtual reality across all of Verizon.
- Verizon lost 63,000 FiOS Video connections.
- Wireline had an operating loss of $50 million.
As for the outlook, Verizon said it will post revenue growth in the low- to mid-single digits on a percentage basis. The company also projected capital spending to be between $16.6 billion to $17 billion for 2018. That cap-ex guidance was lower than expected. Ellis said:
We are seeing the benefits of some changes in how we run that organization, using new capacity utilization models, changes to our inventory management systems, adoption of procurement analytical tools, and a whole host of other things.
2021 BMW 540i xDrive Review: Benchmark in Balance
It feels strange saying it about a $72,000 luxury car, but it’s oddly easy to overlook this 2021 BMW 540i xDrive. On the one hand, it’s not an M5, or even an almost-M5 like the M550i; at the same time, neither is it a clever plug-in hybrid like the 545e. Instead it’s about as close to a “standard” BMW 5 Series as you can get these days.
Even then, this is “standard” by degrees. A sprinkling of M-badged parts from BMW’s tuning division suggest whoever spec’d out this particular car couldn’t quite resist the lure of some customization, though the Alpine White result is still on the sober side.
It’s a handsome sedan, and fairly restrained by BMW standards. No vast grille, or exaggerated creases; it’s about as understated as the automaker’s line-up gets. Park it next to some of the luxury upstarts aiming to take a bite out of BMW’s market share and you’d be forgiven for having your head turned by the Genesis G80 or Cadillac CT5.
The 540i is, in contrast, quietly confident in its own prestige, and you can’t really begrudge it that. BMW’s recipe here is straightforward, though like the best cooking it relies on premium ingredients for a pleasing end-result. A 3.0-liter turbocharged inline-6 gas engine taps a little 48v mild-hybrid action for some sparkle, with 335 hp and 332 lb-ft of torque proving to be ample if not eyebrow-razing.
An eight-speed transmission is standard too, and BMW says you’ll see 0-60 mph in 4.6 seconds. That’s properly quick, and really it’s only the even-quicker existence of the M550i and raucous M5 that make the 540i seem a little more mainstream.
The same goes for driving dynamics. In Comfort or Adaptive mode, the 540i wafts and glides like German royalty. The standard AWD car starts at $61,750 (plus destination) but $3,200 gets you adaptive dampers and active roll bars, and the result is a supple ride that luxe newbies could still learn from. There’s no wallow or marshmallow squishiness to it, just a compliance that reminds you how adept the 5 Series always has been as a long-distance cruiser.
Where Sport mode on an M5 then threatens to immolate your underwear, though, on the 540i it’s a little more tempered. What sensibly dialed-in roll remained in the corners is squashed; the suspension stiffens, though still not to teeth-shaking levels. Focused but not frenetic, even if you notch the shifter over to S mode and have the gearbox hold its ratios a little longer.
It all suits the 5 Series nicely, even if we all know that the sedan can handle plenty more if your wallet is so accommodating. The mild hybrid system lends its 11 horses to fill in any lingering gaps during gearshifts or while the turbo is spooling up, and then allows the 540i to shut off the gas engine preemptively as you slow. Usually I’m no fan of start/stop systems, but then usually they’re jerky, agricultural things; BMW’s, in contrast, is beautifully surreptitious.
The same could be said for the cabin. Saved, by price and positioning, from the typical lashings of carbon fiber and spangles, the 540i plays it safe with more mainstream luxury. The leather seats are fulsome thrones, you get a 12.3-inch digital cluster and a matching 12.3-inch center touchscreen, and BMW doesn’t stint on buttons for whose who prefer to reach out and toggle their settings that way.
The infotainment system is crisp, swift, and generally pleasing; it’s only when you need to dip into the deeper menus for things like mobile device setup that it starts to get a little confusing. Apple CarPlay and Android Auto are standard, along with a 4G LTE modem with WiFi hotspot. The $1,850 Premium Package adds a head-up display and wireless phone charging.
Somewhere the 540i doesn’t deviate from every other BMW is in the array of options – and the way they help inflate your sticker price. With nicer Nappa leather, the M Sport design package, and all the various other extras, my review car was sliding past $72k.
For safety, forward collision warnings, blind spot alerts, automatic emergency braking, and auto high-beams are standard. Throw in the $1,700 Driving Assistance Plus package, meanwhile, and you get adaptive cruise control with lane-keeping assistance along with Extended Traffic Jam Assist. That lets the 540i handle low-speed congestion without your hands on the wheel, using a driver-attention monitor built into the gauges to make sure you’re still watching the road. It’s neat, but since it only works when you’re crawling along in traffic it’s not as useful as, say, GM’s Super Cruise.
As for those in the back, there’s decent space there for adults, while the 14 cu-ft trunk is also practical. The EPA says you’ll see 23 mpg in the city, 31 mpg on the highway, and 26 mpg combined, and they’re easily achieved.
2021 BMW 540i xDrive Verdict
The cynic might suggest that BMW has, if not forgotten about the 5 Series – and, more specifically, the 540i – then been distracted recently with SUVs and its upcoming all-electric models. Certainly, whether it’s from a styling perspective or a matter of dynamics, the 2021 540i xDrive feels a little more “old school” BMW than the automaker’s other recent cars.
I can’t say that’s a bad thing. Indeed if I had to sum the 540i up in a word, it’d have to be “ample”: enough power, enough design, enough comfort, and enough tech. Sure, you can chase BMW up through the echelons of the wilder 5 Series variants if you so desire, but just recognize that comes from a desire for excess.
The 2021 BMW 540i xDrive is, in contrast, an adequate sufficiency of luxury car. Not too sporty, not too plush, and not too ostentatious. That there are some compelling alternatives in the category is undeniable, but somehow all they do is highlight just how nicely dialed-in this “standard” 5 Series actually is.
Mercedes-Benz unveils T-Class and EQT all-electric concept based on new Renault Kangoo
We weren’t expecting Mercedes-Benz to unveil an MPV or small van, much less an all-electric microvan, but here it is. First off, the Mercedes EQT concept looks fantastic. It mends the styling attributes of a practical people carrier and a small luxury conveyance. Mercedes-Benz will debut two versions of the T-Class: Internal combustion (gasoline and diesel) and the EQT all-electric version.
“We are expanding our portfolio in the small van segment with the forthcoming T-Class,” said Marcus Breitschwerdt, Head of Mercedes-Benz Vans. “It will appeal to families and all those private customers, whatever their age, who enjoy leisure activities and need a lot of space and maximum variability without forgoing comfort and style.”
Let’s start with the Mercedes T-Class, the one arriving with a slew of gasoline and diesel engines in Europe. Based on the all-new, third-gen Renault Kangoo, the T-Class is riding on Renault’s CMF-B platform, capable of supporting internal combustion and all-electric powertrains.
Measuring 4,945 mm in length, 1,863 mm wide, and 1,866 mm high, the T-Class has seven seats, two sliding doors, and second-row seats that can accommodate up to three child seats. The concept is wearing premium white Nappa leather upholstery, but we’re expecting the production version to get wear-resistant nylon materials in lower-trim models.
Of course, MBUX infotainment will come standard, and Mercedes promises the dashboard and control layouts of the concept will make it to production. It will arrive with a slew of advanced safety features and driving aids like automatic emergency braking, lane assist, adaptive cruise control, trailer stability control, and crosswind assist, to name a few.
Meanwhile, the EQT all-electric version is a hardware clone of the Renault Kangoo E-Tech Electric model, and it’s the ninth member of Mercedes-Benz’s all-electric EQ family. The concept bears tasty exterior bits like a black panel grille with 3D star-effect lighting, futuristic LED taillights, and a full-width LED light bar in the rear. It also has 21-inch aero wheels wrapped in low-profile tires and a unique bottle-shaped panoramic glass roof.
Admittedly, the production EQT will be a toned-down version of the concept seen here. Then again, Mercedes-Benz claims the packaging, body style, and practical features will remain unchanged, and that’s good news. Powertrain options for the EQT remain unannounced, but we have an idea.
Most likely, the EQT will have a single electric motor pumping out 101 horsepower, drawing juice from a 45 kWh battery pack as the Renault Kangoo E-Tech Electric. The driving range is around 165 miles using the WLTP cycle.
The Mercedes-Benz T-Class and EQT will make their official debut later this year. Production is at Renault’s MCA factory in Maubeuge, France, where both the T-Class and EQT are built alongside the Renault Kangoo and Kangoo E-Tech Electric.
Porsche makes a huge promise for its most important EV
The Porsche Taycan showed the German sports car company was taking EVs seriously, but it’ll be the arrival of the new Macan EV which really tips the scales toward electrification. Porsche isn’t quite ready to unveil the all-electric Macan quite yet, but it’s already making some big promises about the EV version of its best-seller.
It’s fair to say the Macan has been a huge deal for Porsche. Though the automaker may be best known for its 911 sports car, available as a coupe, a convertible, and a Targa, it’s crossovers and SUVs which have padded the bottom line for some time now.
In Q1 2021, for example, Macan led Porsche sales in North America, closely followed by its bigger Cayenne sibling. Indeed, Porsche sold more examples of the Macan in those three quarters than it did 911 and 718 models combined. In short, if you’re going to make an all-electric version of your most popular nameplate, you need to get it absolutely right.
Porsche’s answer to that challenge is built on the Premium Platform Electric (PPE), an electric-only architecture the automaker co-developed with VW Group stablemate Audi. Indeed, the Macan EV will be the first Porsche product to use PPE. Focused on luxury performance electric vehicles – rather than mainstream EVs as VW Group’s MEB is focused on – there’s plenty of flexibility in how PPE can be configured.
For example, Porsche and Audi have already talked about the capability of rear-wheel drive single motor setups, and all-wheel drive dual motor versions. Body styles, too, can be configured in multiple ways, with up to a 100 kW battery pack nestled into the wheelbase. In the case of the Audi A6 e-tron – a barely-disguised nod to the upcoming luxury electric car the automaker has planned for a few years out – that means a sedan, but PPE can just as easily be adapted for crossovers, SUVs, and other designs. Audi, for example, will use the platform for its Q6 all-electric SUV that’s expected to be unveiled at the end of 2022.
The all-electric Porsche Macan, meanwhile, is being planned for 2023, the automaker says. It’ll use 800-volt architecture – like the Taycan and Taycan Cross Turismo – for faster charging times along with greater performance. Indeed, Porsche isn’t holding back on its speed commitment, promising “the all-electric Macan will be the sportiest model in its segment.”
For the moment, physical prototype Macan EV models are just headed out to the road. Porsche’s development so far has been virtual, using simulations to model the design of the crossover EV more effectively. That includes the aerodynamic work which is so important for electric vehicles, to cut drag and improve range.
In parallel, however, there’ll also be another conventionally-powered version of the Macan – using gas engines still – that will be on sale alongside the Macan EV.
“Demand for electric vehicles continues to rise, but the pace of change varies considerably across the world,” Michael Steiner, Member of the Executive Board at Porsche, explains. “That’s why we’re going to launch another conventionally powered evolution of the current Macan in the course of 2021.”
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