Verizon stated Thursday it will increase investment in network infrastructure, increasing its capital steering by $500 million, to prepare for the increase in telecommuting and online learning amid the coronavirus pandemic.
Verizon has not seen any measurable advances in data usage, while some businesses, schools and other establishments are asking its staff to work remotely, Chair and CEO Hans Vestberg said in an interview. He added that the company is watching it 24/7 because patterns can change.
Still, the corporate is increasing its capital guidance from $17 billion-$18 billion to $17.5 billion-$18.5 billion this year. Vestberg stated the company would proceed to add to its network infrastructure.
Verizon stated in a press release that the effort to expedite the company’s shift to 5G and help support the economy throughout this period of disruption.
Verizon mentioned in a declaration that it has been closely monitoring network usage in the most impacted areas and will work with and prioritize community demand to assist the needs of U.S. hospitals, first responders and government businesses.
The decision follows a mounting global crisis caused by COVID-19, the coronavirus strain that was called a pandemic by WHO earlier this week.
COVID-19 has wreaked havoc on the global stock markets, pushing stocks lower in every sector, and triggered numerous closures, along with professional sports events, the suspension of the NCAA March Madness basketball tournament and Disneyland.