Verizon Communications Inc (NYSE: VZ) is considering raising prices for wireless services to pass along inflation-related costs to consumers, Bloomberg reports.
Hans Vestberg, Verizon's chief, raised the prospect of boosting prices on an April call with investors.
Recently AT&T Inc's (NYSE: T) hiked older calling plans by $6 or more.
However, Verizon might introduce a higher-priced unlimited plan or added fees instead.
If costs keep rising, Verizon customers will see higher monthly bills.
Like many companies, wireless carriers are seeing wages rise. In April, AT&T disclosed that pay increases would add $1 billion to its costs.
In response to a tight job market, both Verizon and T-Mobile US, Inc (NASDAQ: TMUS) boosted employees' starting pay to $20 an hour in the past few months.
An analyst emphasized the need to balance price increases with providing options that allow budget-constrained customers to remain connected.
Price Action: VZ shares traded lower by 1.26% at $47.78 on the last check Thursday.
See more from Benzinga
AT&T Gets More Love From Analysts Versus Verizon Post Q1 Performance
Verizon Shares Drop After Q1 Earnings, Weaker Than Expected Outlook
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
