The race to roll out 5G networks heated up Monday, with Verizon (VZ) - Get Report announcing it had reached its 2019 goal of bringing the advanced wireless technology to 30 cities across the United States.
Verizon said it has just added Cleveland, Columbus, Ohio and Hampton Roads, Va., to its 5G network, a move that comes as the telecom giant jockeys with AT&T (T) - Get Report and T-Mobile (TMUS) - Get Report, which are rolling out their own 5G networks.
Along with hitting its goal of 30 cities, Verizon also added its 15th NFL stadium to its 5G network, FirstEnergy Stadium in Cleveland, home turf of the Browns.
Verizon is banking on wowing customers with the higher level of service provided by its 5G Ultra Wideband Network, which the company touts as featuring ultra-fast Wi-Fi that can support interactive gaming, 4K video streaming, flash loading and video chatting with reduced lag time and no interruptions.
Over the course of 2019, Verizon extended its 5G network to several other cities, including Miami; Charlotte, N.C.; Greensboro, N.C.; Salt Lake City, Spokane, Wash.; Los Angeles, Memphis, Hoboken, N.J.; and Des Moines, Iowa; among others.
"With the intensifying 5G race, Verizon is seeking a competitive edge in a price-sensitive, saturated market," noted Zacks Investment Research.
Shares of Verizon edged down 0.17% to $61.97 a share on Monday.
Zacks pegs Verizon's long-term earnings growth at 3.2%, with the stock gaining 10.4% year to date, compared to nearly 20% for the industry as a whole.