Verizon Teams Up With Nokia To Bring High-Tech 5G Boost To Busy British Ports

Verizon Communications (NYSE:VZ) Verizon Business, Thames Freeport, and Nokia Corp. (NYSE:NOK) on Wednesday announced a partnership to deploy Verizon Private 5G Networks across multiple key logistics, manufacturing, and innovation sites along the River Thames Estuary in U.K. 

Verizon Private 5G Networks will serve as the technology foundation for a multiyear, multibillion-dollar operational transformation and economic revival for the region, one of the busiest maritime logistics hubs in U.K.

The Private 5G Networks buildout provides a scalable, long-term connectivity foundation for advanced data, AI, edge computing, and IoT infrastructure deployments to transform port and manufacturing operations.

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Thames Freeport has already created 1,400 jobs and plans to reach 5,000 by 2030, focusing on high-skilled training for local communities, the company said in a press release.

The Verizon Private 5G Networks will enable advanced data and application capabilities for AI-driven data analytics, predictive maintenance, process automation, autonomous vehicle control, safety monitoring, and real-time logistics orchestration.

Nokia is the network’s sole hardware and software provider, which will incorporate the Nokia Digital Automation Cloud (DAC) platform and Nokia MX Industrial Edge (MXIE).

The Verizon Private 5G Networks will be deployed to DP World London Gateway, DP World Logistics Park, Port of Tilbury, and Ford Dagenham.

The move marks Verizon’s attempt to unlock value beyond U.S. The stock is up just 4% in the last 12 months as it grappled with weaker subscriber numbers due to competition from AT&T (NYSE:T) and T-Mobile US (NASDAQ:TMUS).

Verizon reported fiscal first-quarter revenue growth of 1.5% year-over-year, reaching $33.49 billion, topping the analyst consensus estimate of $33.24 billion. Adjusted EPS of $1.19 topped the analyst consensus estimate of $1.15.

Total wireless service revenue was $20.8 billion, up 2.7% Y/Y.

Postpaid phone net losses were 289,000 versus 114,000 net losses Y/Y driven by price hikes, rival promotional offers, and lesser government support. Verizon attributed some of the loss to lower spending by some federal agencies.

Verizon reiterated a 2.0%-2.8% growth in wireless service revenue. It reaffirmed an adjusted EPS of $4.59-$4.73 versus consensus of $4.67.

Price action: On Tuesday, Verizon shares edged up 0.64%, closing the session at $42.63.

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Photo by Karolis Kavolelis via Shutterstock